Mr Najam Shah has been sentenced to five-years’ jail after pleading guilty to one charge of conspiring to defraud financial institutions in Australia’s biggest ever home loan scam.
The Victorian man created and used fraudulent documents to support loan applicants valued at approximately $170 million.
An ASIC investigation into broking company Myra Home Loans found misconduct involved with the submission of false documents for more than 500 loan applications to numerous banks and financial institutions, between March 2008 and August 2010.
The fraudulent documents included bank statements, payslips, citizenship certificates and statutory declarations, used predominantly in support of home loan applications, land packages, and refinancing existing homes.
Mr Shah entered the guilty plea on 13 February 2017, following his arrest and charge in January 2015. He must serve three years and three months before being eligible for parole.
Judge Gucciardo said “mortgage fraud of this nature damages the integrity of the lending system and that Mr Shah’s well organised deception enabled such corruption.”
He went on to say that Mr Shah was “motivated by greed.”
ASIC Deputy Chair Peter Kell said, “ASIC will continue to ensure that mortgage brokers who provide false documentation are held to account.
“Today’s sentencing reflects both the severity of Mr Shah’s actions and the consequences facing those who do not abide by the law.”