Three in court over $10m property scam

The Serious Fraud Office says the three former real estate agents took advantage of the then-booming Auckland housing market to get more finance from the banks than the properties were worth. Photo / Herald on Sunday.

Three former real estate agents allegedly involved in a $10m property scam have appeared in court.

The trio are facing charges brought by the Serious Fraud Office at the Auckland District Court.

The three men have all been granted name suppression by Judge Philippa Cunningham but she did not provide reasons for the suppression orders.

One former agent, aged 37, faces three counts of deception and two of using a forged document.

Another former agent, aged 41, faces three counts of deception and one of using a forged document and a third faces one count of deception.

The SFO alleges that the trio were involved in a $10m scam where they would apply for mortgages - sometimes through a third party - to deceive banks about the applicant's financial position.

The deception also involved inflating the purchase price of property, thereby increasing the amount of finance the banks would lend.

The trio will reappear in court next month.