Convicted fraudster Ramni Kumar was sentenced in the Auckland District Court today to 12 months’ home detention and 250 hours of community work for her role in a $3.9 million mortgage fraud scheme.
In January, Ms Kumar pleaded guilty to 10 charges of dishonestly using a document. The charges, brought by the Serious Fraud Office, related to 10 property transactions in 2010.
Ms Kumar, 46, used false documentation to obtain mortgage finance for low-income families who would not otherwise have been able to obtain financing.
She benefited by arranging for her contacts to make the initial purchase of the properties and then sell them to the mortgage recipients, thus generating a profit.
SFO director Julie Read says the organisation is pleased at the outcome.
“The manipulation of mortgage lending systems is a serious form of fraud. Banks need to be able to rely on documents submitted in support of mortgage applications to ensure that costs are contained for all borrowers,” she says.
Ms Kumar’s associate, Vicki Ravana Letele, still faces 11 charges of dishonestly using a document. The 33-year-old will go to trial on August 18.
NBR Staff
Wed, 02 Apr 2014
Wed, 02 Apr 2014
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Sentence handed down for mortgage fraudster
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