Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

260 suspects linked to $150m mortgage fraud scam

Staff Reporter 3 minute read

About 260 people are thought to be involved in an alleged $150 million mortgage fraud racket involving hundreds of Sydney homes.

According to a report by the ABC murdered Sydney businessman Michael McGurk has been linked to the mortgage scam in which false documents were used to raise mortgages on residential and commercial properties.

Mr McGurk was gunned down outside of his Cremorne home earlier this year.

While Fraud Squad commander, Detective Superintendent Col Dyson, would not comment whether the scam led to the eventual murder of Mr McGurk, he said the police had been investigating Mr McGurk prior to his death.

Advertisement
Advertisement

Decetctive Dyson said it was believed the mortgage scam started in 2002 with a bank employee identifying properties that could be subject to fraudulent loans.

It is alleged the fraud racket has, since that time, defrauded NAB of $3.9 million.

Yesterday, a 36 year old Connells Point man and a 43 year old Yagoon woman were arrested in relation to the scam.

So far, 11 people have been arrested and police are currently in the process of questioning others.

PROMOTED CONTENT


260 suspects linked to $150m mortgage fraud scam
default
TheAdviser logo
default

 

more from the adviser
regulation rules AFCA amends complaints rules following court case

The financial services ombudsman has changed its rules after the ...

meeting top view ta 62c1 Half of home owners wary of bank refinance advice

One in two borrowers does not believe banks always have their bes...

house sold Hot Property: The biggest property headlines from the week 18-22 January

Here’s the weekly round-up of the biggest news stories from acr...

FROM THE WEB