A Truganina man has been charged following investigations into an alleged multimillion-dollar home loan conspiracy.
Aizaz Hassan, 34, was arrested and charged following an Australian Securities and Investments Commission investigation into the alleged use of false documents in support of loan applications.
A Glen Waverley man, Najam Shah, 55, has also been charged.
The charges relate to the men’s roles at a Footscray company, Myra Home Loan.
The company has ceased trading.
It is alleged that between April 2008 and December 2011, the men conspired to defraud banks and other financial institutions by creating and using false documents to support loan applications submitted on behalf of clients.
In a statement, ASIC investigators said the men allegedly submitted false documents for at least 350 home loans, valued at $100 million, to banks and financial institutions, including the Commonwealth Bank, Westpac, St George, Bankwest, ANZ, Bank of Queensland, the National Australia Bank and Citibank.
The regulator said the false documents included bank statements, pay slips, citizenship certificates and statutory declarations.
“These were predominantly used in support of applications for home loans for house and land packages, as well as for the purchase or re-finance of existing homes,” the statement said.
The pair face a maximum penalty of 15 years in jail.
They faced Melbourne Magistrates Court on January 2 and were granted bail. They are due to return to court in April.
