Multi-million mortgage fraud trial gets underway
Kang Xu, also known as Yan (Jenny) Zhang, lawyer Gang (Richard) Chen and a former BNZ employee, Zongliang (Charly) Jiang, are charged with multiple counts of fraud involving over 70 properties.
The Serious Fraud Office (SFO) alleges they were part of a group which used false information, or withheld information, to fraudulently obtain mortgages from three banks to purchase the properties in Auckland and Hamilton between 2011 and 2015.
The banks involved were BNZ, ANZ and an overseas bank which has name suppression.
Two other people are also said to have been involved in the scheme. One was a former ANZ employee, Peter Cheng, who left New Zealand before he was arrested.
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