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Man Charged with Participating in Mortgage Fraud Scheme June 2, 2010

Posted by jefhenninger in News.
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RAB NAWAZ, of Harbor View Avenue, Waterford, Connecticut, has been charged by federal criminal complaint with conspiracy to commit wire fraud and with obstruction of justice. NAWAZ was arrested this morning at his residence. He was released on a $100,000 bond secured by property.

According to statements made in court, NAWAZ is alleged to have conspired with Syed A. Babar and others in a mortgage fraud scheme involving real estate throughout Connecticut. As part of the scheme, it is alleged that NAWAZ purchased homes in New London and sold them to straw buyers at artificially inflated prices that, typically, were supported by fraudulent appraisals. Although the straw buyers would represent that they intended to occupy the homes as their primary residence, they had no intention of doing so, defaulted on the loans and allowed the homes to go into foreclosure. The co-conspirators are alleged to have profited from the proceeds of the fraudulently inflated loans.

According to statements previously made in court, it is alleged that members of the conspiracy conducted this scheme on more than 25 properties in New London, New Haven, and other locations in Connecticut. As a result, it is alleged that various lenders suffered a loss of at least $2.5 million.

Babar was indicted on related charges on April 27, 2010, and was arrested on May 14. On May 20, it is alleged that NAWAZ met with a co-conspirator in the case and advised him about certain evidence that the government had presented during Babar’s detention hearing. During their meeting, it is alleged that NAWAZ instructed the co-conspirator as to what he should and should not admit knowing to government investigators. Bad move.

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