Explore the latest developments concerning Confidential NAB loan.
Confidential NAB loan fraud investigation warns of ‘trusted insiders’
An internal National Australia Bank investigation has revealed the operations of sophisticated mortgage fraud syndicates that include large real estate and investment advisory firms, accountants and brokers, some of whom have allegedly infiltrated the lending giant through trusted insiders.
The probe, which included incidents in June and October last year, found “an extensive network of sustained relationships with at least eight brokers”.
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Inside the NAB probe into an alleged mortgage fraud abyss
A decade ago, a court was warned about a torrent of fraudulent loan applications. Now the same names are turning up as suspicious lenders take a closer look.
Major banks have been increasingly concerned about a flood of suspect home loan applications. Michaela Pollock
“From humble door-knocks to $11 billion in transactions. From one man’s dream to a platform trusted by over 100,000 customers. A journey built on vision, resilience and lasting impact.” That’s how the flashy highlights reel from the Property Investors Alliance described the company.
It was late September and the Property Investors Alliance had gathered its most loyal customers to mark two decades in business. Justin Wang, the company’s founder, addressed an enthusiastic crowd. His presentation showed a web of just some of what the company did – from accounting, to rental assessments to entirely managing a property for its owner.
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