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Melbourne man sentenced to 5 years jail for role in hundred-million dollar home loan fraud conspiracy

10/10/2017 8:34:34 PM

The Australian Securities and Investments Commission (ASIC) announced that Najam Shah, 58, of Victoria, has been sentenced to 5 years jail after pleading guilty to one charge of conspiring to defraud financial institutions. Mr Shah must serve 3 years and 3 months before being eligible for parole.

The sentencing follows an ASIC investigation into Footscray-based finance broking company Myra Home Loans Pty Ltd, which traded as Myra Financial Services (Myra).

The charge relates to Mr Shah's role at Myra and the creation and use of false documents to support loan applications valued at a total of approximately $170 million.

On 13 February 2017, Mr Shah entered the guilty plea during an appearance at the County Court of Victoria. Mr Shah's plea followed his arrest and charge in January 2015. By pleading guilty, Mr Shah admitted to conspiring to defraud financial institutions.

In sentencing Mr Shah, Judge Gucciardo noted that mortgage fraud of this nature damages the integrity of the lending system and that Mr Shah's well organised deception enabled such corruption. He further noted that Mr Shah was motivated by greed.

"ASIC will continue to ensure that mortgage brokers who provide false documentation are held to account. Today's sentencing reflects both the severity of Mr Shah's actions and the consequences facing those who do not abide by the law," ASIC Deputy Chair Peter Kell said.

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