⚠️ HUNDREDS OF MILLIONS IN SUSPECTED MORTGAGE FRAUD UNCOVERED

AUSTRAC has uncovered potentially hundreds of millions of dollars in fraudulent home loans after analysing mortgage data from 10 major banks, with much of the suspected activity linked to Sydney property.

Investigators found alleged fake incomes, employment and businesses, along with offshore money being used to fund settlements and repayments.

Hundreds of brokers, accountants, lawyers and companies have now reportedly been referred to authorities as they investigate how deeply the fraud has penetrated Australia’s housing and banking system.

@Aussie 🙂