1 Comment 1 Commentby Miriam Bell
In its just-released annual report, the SFO has warned that Auckland’s property market and the scale of impending commercial developments represent a key environmental risk.
The report states that the SFO has invested significant resources into investigating a large-scale mortgage fraud in Auckland.
The fraud involves highly organised teams of property developers, shell company directors, property valuers and lawyers.
An SFO spokesperson said that, as the investigation is still ongoing, the SFO is unable to comment any further at this time.
However, following the guilty verdict in a long-running mortgage fraud case earlier this year, SFO director Julie Read spoke out on mortgage fraud.
She said that vulnerable investors are often targeted by those who are aware of their inexperience in dealing with significant financial transactions.
“It is important wherever possible to obtain advice from reputable advisers and institutions.”
Serious financial crime in the lending environment will be discovered and prosecuted, Read said.
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If this can happen there is indeed something very wrong with the approve and check process procedures in place..
This has been reported to both ANZ and the IRD