ANZ tightens lending controls following fraud case
ANZ Bank has enforced extra lending controls in the aftermath of a high-profile fraud case that saw it cheated out of millions of dollars.
ANZ was one of three banks hit by Auckland property fraudster Kang Huang, who used false identities and the names of friends and family to obtain mortgages worth $52.5m. Huang’s fraud involved loans against more than 70 Auckland and Hamilton properties. Huang also bribed a banker with $7000 to approve loans.
Huang pleaded guilty to 10 charges before Christmas. He was sentenced to four years and seven months by Justice Graham Lang at Auckland's High Court earlier this month. Three others face the courts on February 26, including Huang’s wife Kang Xu, lawyer Gang Chen, and former bank employee Zongliang Jiang.
ANZ declined to comment on the ongoing case but provided a victim impact statement before Huang’s sentencing, warning it may become more difficult for ordinary Kiwis to take out loans.
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