It has been reported that a fourth person linked to the alleged fraud, named Mohammed Radhi Maki Ebrahim Ahmed Hamood, left the country just two days after a raid by the Australian Federal Police on behalf of the corporate regulator. He flew to Bahrain in December 2011.
Unofficial reports claim ASIC chose not to pursue the other loans so it could bring the matter to court more quickly.
It was said that the ASIC did not apply to secure Hamood’s passport after the raids on his Lyndhurst home, where computers with evidence he had doctored documents used to support home loans were discovered.
One of the men involved, Aizaz Hassan, was still working as a broker up until Tuesday this week, as ASIC choose not to cancel his licence. ASIC also failed to inform his employer, Cigna Financial, of the charges.
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