Guilty plea to SFO mortgage charges

23:52, Jan 20 2014

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."

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Fairfax Media