Guilty plea to SFO mortgage charges

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

Relevant offers

Industries

NZ Mint seals $60m export deal to China No fine but demolition company director pleads guilty over asbestos danger Pattrick Smellie: Cards stacked against power price regime Chart of the day: Life and death of Taranaki mining businesses Shoplifting caused by organised crime groups costs $1.2 billion Tourist arrival numbers could be subsiding Zero Commission offer prompts advice from Spark NZ's net migration gain still at record highs near 72,000 as arrivals continue to climb Inland Revenue opens up remainder of 0800 lines to mobiles Fate of NZ's beloved Jaffas and Pineapple Lumps still unclear

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