Guilty plea to SFO mortgage charges

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

Relevant offers

Industries

Construction tails off in final quarter of 2014 Spark sells Telecom Rentals for $106m Fonterra GlobalDairyTrade prices creep higher Under-fire manager in lewd cake case disappears Woolworths cops $110m loss as it sells out of The Warehouse Profit isn't for investors Call for CCT to be more open Martin enjoys rollercoaster rise Pascoe family ups Warehouse stake Lyttelton port worker hurt in fall

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