Trio arrested over $6M property fraud

Posted on October 14, 2013 by | 0 Comments

Three men have been charged over a property fraud in Western Australia that saw them allegedly steal over $6 million.

The Major Fraud Squad has reported that a 70 year-old York man and a 43 year-old south Perth man have each been arrested for six counts of causing detriment to a person by fraud. Another 45 year-old York man has also been charged with four counts.

The charges relate to the sale of six rural WA properties located in the mid-west region between 2008 and 2011.

Police said the true offer from international investors was not provided to the seller.

A shelf company was established and was used to purchase the property at a lesser value, with excess profits funnelled through a series of shelf companies.

The total value of funds fraudulently obtained was approximately $6.3 million, with the properties sold worth more than $17 million.

The three men will appear in the Perth Magistrates Court at the end of this month.

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