Wed, May 10, 2017 - Page 3 News List

Alleged US$6.6 million mortgage fraud probed

By Chien Li-chung and Jake Chung  /  Staff reporter, with staff writer

The Taipei District Prosecutors’ Office yesterday launched an investigation into alleged mortgage fraud by two realtors from 2012 to 2014 totaling NT$200 million (US$6.6 million).

The office said Lin Li-hua (林利華), working for Sheng Fong Real Estate, and Tsai Hsiu-yan (蔡秀雁), working for Jong Hsin Real Estate, are suspected of making false sales using dummy accounts.

Documents were forged to create dummy accounts by grossly inflating annual income — from NT$300,000 to NT$2 million — misleading Chang Hwa Bank, prosecutors said.

Lin and Tsai also allegedly falsified actual sale prices for properties, thereby increasing the loan amount from the bank, prosecutors said.

People who allowed their names to be used to create the dummy accounts allegedly received 5 percent of the bank loan based on the real-estate selling price, prosecutors said.

The 11 properties involved in the alleged fraud are in Taipei’s Nangang District (南港), New Taipei City’s Sindian District (新店) and Tamsui District (淡水) and in Taoyuan, prosecutors said.

The actual property sale price of NT$10 million was inflated to NT$20 million per property, prosecutors said.

Lin and Tsai were brought to the bank’s attention after it conducted internal assessments and brought the case to prosecutors, it said.

The alleged suspects and people accused of involvement in document fraud were yesterday called into the office to give statements.

Bank employees who handled the transactions were also called in to give statements, the office said, adding that no bank staff member is suspected of collusion with the suspects.

This story has been viewed 1672 times.

Comments will be moderated. Remarks containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned.

TOP top