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23 Feb 2018 1:46
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  •   Home > News > Law and Order

    Developer jailed for $52m mortgage fraud

    A property developer has been jailed for more than four years after admitting to dodgy paperwork and bribing a bank employee over $52m worth of loans.


    A property developer who fiddled the books on about $52 million worth of mortgage deals in Auckland and Hamilton has been jailed for four years and seven months.

    Kang "Thomas" Huang, also known as Gang Wang, will spend at least two years and three months behind bars after being sentenced in the High Court at Auckland on Friday.

    He had earlier admitted 10 charges brought against him by the Serious Fraud Office, including bribing a bank employee.

    According to the SFO, Huang operated a property development business and provided false documents or information to several banks across home loan applications relating to 72 properties.

    He dishonestly obtained about $52m of loans, the SFO said.

    SFO director Julie Read says such deception undermines lenders' confidence in borrowers in the mortgage market.

    "If banks have to introduce additional checks, these costs may be passed on to borrowers," she said.

    The other defendants in the case, Huang's wife, Kang Xu, lawyer Gang "Richard" Chen and former bank employee Zongliang "Charly" Jiang, are due to go on trial later this month.


    NZN




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