An Auckland real estate agent has been found guilty of fraud charges following a scam that defrauded banks of $13 million, nearly $4 million of which has not been recovered.
The Serious Fraud Office says Raghu Srinivas Aryasomayajula was involved in a series of mortgage frauds in which he used third parties to obtain loans from banks.
The loans were to be used to buy properties for subdividing reselling at a profit.
Co-defendant Phillip Julian Cavanagh was sentenced to two years and five months in jail after pleading guilty to the same charges last year.
Both men were former real estate agents with the Barfoot & Thompson firm.
About $3.8 million has not been recovered.
A co-defendent, Phillip Julian Cavanagh, was sentenced to two years and five months in jail after pleading guilty to the same charges last year.
Aryasomayajula will be sentenced in February.