Guilty plea to SFO mortgage charges

Last updated 09:49 21/01/2014

Relevant offers


Auckland hotel rates will continue to rise, Hospitality Association says Transport agency to fix Raynes Road intersection Jetstar's first Napier to Auckland regional flight touches down early Construction starts on new Kawarau Falls Bridge at Queenstown entrance Miriama Kamo's builder pleads guilty Air New Zealand cops flak for poking fun at Jetstar Police taking right steps on payroll problems says minister Michael Woodhouse Dick Smith cuts the value of its stock QV: House prices continue upward trend but new rules easing Auckland market Why Scentre sold three NZ Westfield shopping malls

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