Guilty plea to SFO mortgage charges

MATT NIPPERT
Last updated 09:49 21/01/2014

Relevant offers

Industries

Government directive on housing problems set for release this week, Nick Smith says Panama Papers fallout speeds up NZ's anti-money laundering legislation NZAS expecting tougher market conditions Job hunters vetting employers' online review websites Fox Glacier helicopter company licence suspended after fatal crash Bluff oysters fly out the door, no matter what price Is VDSL broadband as quick as ultrafast broadband in New Zealand? Sanford CEO Volker Kuntzsch defends onboard monitoring cameras Mitre 10 sold more than 400 dehumidifiers at risk of overheating Property buy-up helps boost Stride Property profit by a third

A woman accused of mortgage fraud totalling $3.9 million has pleaded guilty to 10 charges brought by the Serious Fraud Office (SFO).

Ramni Kumar, 45, pleaded guilty at the Auckland District Court to charges of dishonestly using a document relating to the property transactions in 2010.

Kumar admitted using false documents to obtain mortgages for families who did not qualify for finance, and benefited by arranging to buy properties and on-sell them to the mortgage recipients for a profit.

Kumar will appear for sentencing on March 11.

Vicki Ravana Letele, 32, charged as being party to the fraud, still faces 11 charges.

SFO director Julie Read said the market was ripe for mortgage fraud and called for vigilance.

"A market with high demand for properties and rapidly rising prices creates opportunities for individuals to exploit vulnerable buyers," she said.

"Lenders and buyers need to be alert to this risk."

Ad Feedback

- Fairfax Media

Special offers

Featured Promotions

Sponsored Content