Local Govt | National News Video | Parliament Headlines | Politics Headlines | Search

 


Guilty plea in mortgage fraud prosecution

Guilty plea in mortgage fraud prosecution

Ramni Kumar (45) has entered a guilty plea in the Auckland District Court to 10 charges brought by the Serious Fraud Office (SFO).

Ms Kumar and an associate Vicki Ravana Letele (32) faced 10 joint charges under Section 228 of the Crimes Act for dishonestly using a document. The charges related to 10 property transactions undertaken during the second half of 2010. Ms Letele also faces one additional charge under Section 228 alone.

The total value of the fraud is $3.9 million.

Ms Kumar has admitted using false documentation to obtain mortgage finance for low income families who would not otherwise have been able to obtain finance. Ms Kumar benefited by arranging for her (and allegedly, her associate’s) contacts to make the initial purchase of the properties and then on-sell them to the mortgage recipients, thus generating a profit.

SFO Director, Julie Read noted that the SFO had some concerns about the potential for more incidents of mortgage fraud in the current market.

“A market with high demand for properties and rapidly rising prices creates opportunities for individuals to exploit vulnerable buyers. Lenders and buyers need to be alert to this risk,” she said.

Ms Kumar will reappear for sentencing on 11 March 2014.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

PARLIAMENT TODAY:

Salvation Army On Homelessness: Hard Times In West Auckland

The report details an uncomfortable story of people whose only option is to live an unhealthy, dangerous and damaging street life... The social housing needed by these people is not currently available in sufficient quantity. More social housing is required in the West. More>>

ALSO:

Message For PM: NZ Supports Te Reo Māori – You Should Too

As Māori Language Week celebrations and commemoration of 40 years draws to an end, the Māori Language Commission, Te Taura Whiri i te Reo Māori, is once again hugely encouraged by the widespread support for Māori language from throughout the country ... More>>

ALSO:

Arming Police: Frontline Police To Routinely Carry Tasers

"In making the decision, the Police executive has considered almost five years worth of 'use of force' data… It consistently shows that the Taser is one of the least injury-causing tactical options available when compared with other options, with a subject injury rate of just over one per cent for all deployments." More>>

ALSO:

Gordon Campbell: On D-Day For Dairy At The TPP

While New Zealand may feel flattered at being called “the Saudi Arabia of milk” it would be more accurate to regard us as the suicide bombers of free trade. More>>

ALSO:

Leaked Letter: Severe Restrictions on State Owned Enterprises

Even an SOE that exists to fulfil a public function neglected by the market or which is a natural monopoly would nevertheless be forced to act "on the basis of commercial considerations" and would be prohibited from discriminating in favour of local businesses in purchases and sales. Foreign companies would be given standing to sue SOEs in domestic courts for perceived departures from the strictures of the TPP... More>>

ALSO:

"Gutted" Safety Bill: Time To Listen To Workplace Victims’ Families

Labour has listened to the families of whose loved ones have been killed at work and calls on other political parties to back its proposals to make workplaces safer and prevent unnecessary deaths on the job. More>>

ALSO:

Regulators: Govt To ‘Crowd-Source’ Regulatory Advice

A wide-ranging set of reforms is to be implemented to shake up the way New Zealand government agencies develop, write and implement regulations. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
More RSS  RSS News AlertsNews Alerts
 
 
 
Regional
Search Scoop  
 
 
Powered by Vodafone
NZ independent news