$1 million house scam exposed - 16 Sep 2007 - NZ Herald: New Zealand National news

$1 million house scam exposed - 16 Sep 2007 - NZ Herald: New Zealand National news: "Fraudsters trying to take advantage of Auckland's overheated property market have tried to rip off more than $1 million from banks in a valuation scam on two North Shore properties. The scam has been brought to light by the Institute of Valuers, which believes it could be just the tip of a valuation fraud iceberg. The bogus valuation for two adjoining properties in the upmarket North Shore suburb of Mairangi Bay was submitted to three banks a few weeks ago to secure a loan. The properties sold last April for $1.7 million. The valuation presented to the banks - which they exposed as fictitious - was for a cool $2.85 million. The president of the Institute of Valuers, Blue Hancock, said he believed the bogus valuation was still being presented to banks as late as last week. Hancock said a complaint had been made to the Serious Fraud Office. The Property Institute, which incorporates the Institute of Valuers, issued a warning last week after Auckland banks were targeted by similar scams."