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Police arrested 11 persons in a two-day operation against a mortgage fraud syndicate which ended today (July 31).

In April this year, Police Commercial Crime Bureau (CCB) mounted a proactive intelligence based operation against a mortgage fraud syndicate that created fictitious employment records and income proof, and used false documents including bank and tax statements to apply for mortgage loans.

The operation turned overt yesterday (July 30) when CCB officers raided a total of 122 locations and arrested nine men and two women aged 28 and 48, involving 19 fake mortgage applications for $31.6 million.

Initial enquiries revealed that the syndicate had engaged in 52 fake mortgage loan applications involving $92 million but proactive liaison with the banks by the CCB has resulted in the suspension of 28 fake applications involving $59 million.

Among the arrested persons, six men and one woman will be charged with offences of conspiracy to defraud, obtaining pecuniary advantage by deception and possession of false instrument respectively and will appear in the Eastern Magistracy tomorrow (August 1). Another 41-year-old man is still being detained for further enquiries.

The remaining three persons have each been released on bail of $5,000 cash and $5,000 surety pending further investigation.

Police Report No. 5

Issued by PPRB

END/ 2315 hours, July 31, 2003

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