A Manukau woman has pleaded guilty to 10 charges of using false documentation to obtain mortgage finance for low-income families who wouldn’t otherwise have been able to obtain finance.
Ramni Kumar (45) entered guilty pleas to the Serious Fraud Office charges in the Auckland District Court yesterday.
Ms Kumar and an associate, Vicki Ravana Letele (32), faced joint charges under section 228 of the Crimes Act for dishonestly using a document for 10 property transactions undertaken during the second half of 2010. Ms Letele also faces one additional charge.
The Serious Fraud Office director Julie Read said the total value of the fraud was $3.9 million. She said Ms Kumar benefited by arranging for her (and allegedly, her associate’s) contacts to make the initial purchase of the properties and then onselling them to the mortgage recipients, thus generating a profit.
Ms Kumar will reappear for sentencing on Tuesday 11 March.
Ms Letele was the sole director & shareholder of Focus Property Investment Ltd, established to broker the selling & arranging of mortgages for first-homebuyers on low income. She resigned as a director on 9 July 2011 and the company was placed in liquidation on 31 January 2012.
Attribution: SFO release.