Three men in Western Australia have been charged with property fraud offences totalling $6.3 million.
It is alleged the men scammed overseas investors and farm owners in six separate incidents between 2008 and 2011. The total value of the properties involved is around $17 million.
The men were involved in the Perth real estate industry, soliciting international buyers for rural investments.
A police spokesperson told Smart Property Investment that when the investors made an offer on the property, they were told their offer had been accepted.
The vendor, however, was never informed of the investor’s offer. Instead, the men are accused of setting up a shelf company to purchase the property for a lesser value.
They then allegedly kept the difference between the offer and the purchase price for their own profit.
Two of the accused, a 70 year-old York man and a 43 year-old south Perth man, were charged with six offences relating to causing detriment to a person with fraud.
A 40 year-old York man was charged with four fraud offences.
The three men will appear in Perth Magistrates Court later this month.