Police smash mortgage fraud syndicate

Police had smashed a mortgage fraud syndicate that fraudulently obtained $11 million mortgage loans from a local bank.

Investigations by the Commercial Crime Bureau (CCB) revealed that the syndicate fraudulently obtained two mortgage loans of $5.5 million each from a local bank between February and April 2006.

Three men and a woman, aged between 33 and 56, suspected to be in connection with the cases were arrested in various locations yesterday (July 10). During the operation, some suspected forged documents were also seized.

It is believed that the syndicate had impersonated the true owners of two properties in North Point by using false documents including identity cards, bank statements and title deeds.

A third fraudulent mortgage involving $6 million was successfully suspended owing to the concerted efforts by CCB and the bank involved.

The arrested persons are still being detained for enquiries.

Investigations by the Commercial Crime Bureau are continuing.


Add Police Report No. 7

Issued by PPRB

Ends/Tuesday, July 11, 2006