Two Melbourne men and one of their former partners have been charged with conspiring to defraud financial institutions of approximately $110 million, following an Australian Securities and Investments Commission (ASIC) investigation.
Najam Shah, 55, and Aizaz Hassan, 34, were arrested on charges relating to their roles at a Footscray company, Myra Home Loan Pty Ltd, which traded as Myra Financial Services, and is no longer trading.
In a statement released by ASIC today, it has been alleged that between April 2008 and December 2011, the two men conspired to defraud financial institutions by creating and using false documents to support loan applications submitted on behalf of clients of Myra.
ASIC reported that Shah and Hassan used false bank statements, payslips, citizenship certificates and statutory declarations to support home loan applications for house and land packages as well as for the purchase or refinance of existing homes.
"During the period in which it is alleged the conspiracy occurred at least 350 loans valued at approximately $110 million were submitted and approved on behalf of Myra clients", ASIC said.
The two men appeared before Melbourne Magistrates' Court on 2 January, and were bailed on condition that they report to police twice a week, surrender valid passports or any other valid travel documentation and not apply for any other, not attend any points of international departure and not leave Australia.
Both men are due to face the court on 17 April.
Shah's partner and former Myra director, Manija Zayee, has also been charged on summons in connection with one charge of obtaining financial advantage by deception, and is due to appear before Melbourne Magistrates' Court on 27 January.
ASIC alleged that Zayee submitted false documentation in support of a loan application for a home loan in her own name in September 2009.