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SFO charges laid in another mortgage fraud
26 July 2013
SFO charges laid in another mortgage fraud
The Serious Fraud Office (SFO) has laid charges against Ramni Kumar (45) and Vicki Ravana Letele (32) in the Manukau District Court today.
Ms Kumar and Ms Letele face 10 joint charges under Section 228 of the Crimes Act for dishonestly using a document. The charges relate to 10 property transactions undertaken during the second half of 2010. Letele faces one additional charge under Section 228 alone. The total value of the alleged fraud is $3.9 million.
SFO alleges that Ms Kumar and Ms Letele conspired to obtain mortgage finance for low income families who would not otherwise have been able to obtain finance, by using false documentation. It is also alleged that when the eventual purchases took place, the properties were purchased from interests related to Ms Kumar and Ms Letele, generating a profit.
Acting Chief Executive of SFO, Simon McArley said, “Mortgage fraud not only increases overall borrowing costs but leaves vulnerable families burdened with insupportable debt. Where SFO believes organised or coordinated mortgage fraud is taking place, it will intervene to disrupt and deter this activity.”
The accused will reappear on 18 July.
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