A Sydney real estate agent, already serving time for mortgage fraud and believed to be the head of one of Sydney’s crime families, has been declared the mastermind of a $2 million mortgage fraud targeting CBA.
Nasser Kalache will remain behind bars until at least August 2013, the District Court found yesterday, after a six year police investigation found him guilty of a series of frauds which targeted CBA’s “lax” property valuation requirements.
The court heard Kalache was the ringleader of a scam conducted between 2003 and 2004 involving the purchases of four low-value eastern suburbs units for between $140,000 and $165,000, each purchased by Kalache’s right-hand man Raymond Hanna.
Mr Hanna then sold the properties on to stooges at grossly inflated prices of around $620,000, according to The Daily Telegraph, with the purchasers taking out exaggerated mortgages of almost $500,000 using false documentation.
They then went on to default, leaving the CBA severely out of pocket.
Mr Hanna was also convicted for the scam.
Judge Greg Woods said that Mr Kalache and his fellow scammers were taking advantage of a system “they knew to be lax”.
Nasser Kalache is the brother of Hussan Kalache who is currently serving a 22 year prison term for murder.
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