A former Aussie
broker has admitted to 18 counts of fraud totalling over $5 million.
Madhvan Nair, a former mortgage broker with AHL Investments – trading as Aussie – admitted to the charges through his solicitor.
The charges brought by ASIC related to the submission of loan applications and supporting documents which contained false information, to secure approvals for home loans from Westpac, National Australia Bank, and ANZ.
ASIC's investigation found that between September 2012 and June 2014, Nair submitted 18 loan applications totalling $5,594,559 containing false borrower employment documents. Of the 18 loan applications, 12 were approved and disbursed, totalling $3,721,684.
According to ASIC, Nair received commission on those twelve loans of $7,583.49. In addition, he received cash payments totalling $2,500 from two of the loan applicants upon approval of their loan applications. In total, he received a financial benefit of $10,083.49 as a result of the approved loan applications.
The 18 loan applications ranged in value from $10,000 to $490,875.
Nair appeared before the Downing Centre Local Court and through his solicitor admitted to providing documents in support of loan applications that were false or misleading.
He will next appears in court on 30 August 2016 for sentencing.
Nair faces a maximum penalty of one year imprisonment or a fine of up to 60 penalty units (which in the case of sequence 1 equates to $6,600 and in the case of sequences 2 to 18 equates to $10,200), or both, for each charge.
Do you have more than $120k in your super fund? You could use your super to buy property - Find out how
Top Suburbs :
Get help financing your investment
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local expert Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus, our mortgage broking service is at no cost to you.
We value your privacy and treat all your information seriously - you can check out