Two men have been charged amid accusations they used forged documents to obtain a $14.7 million loan to build homes in Avondale, while a real estate agent is also facing prosecution over what police will allege is a large-scale fraud plot.
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After a months-long probe, police swooped on five businesses and homes in the Dapto area just after 9am on Wednesday, seizing financial documents, poker machines, firearms and electronic devices.
Two men - both aged 33 - were arrested at homes in Wongawilli and Calderwood and taken to Lake Illawarra Police Station.
A third man, aged 35, was arrested around noon at Lake Illawarra Police Station.
Police will allege the two younger men were using falsified documentation in an attempt to obtain a $14.7 million loan to construct homes in Avondale.
It's further alleged the 35-year-old man used his position as a real estate agent to publish false contracts of sale.
NSW Police said the alleged fraud plot was uncovered during a larger investigation into organised crime in the Illawarra.
Strike Force Mote was established by detectives from Lake Illawarra Police District in May last year to investigate.
Both 33-year-old men were charged with 19 counts of publish etc false/misleading information to obtain advantage, dishonestly obtain financial advance by deception and participate criminal group contribute criminal activity.
The 35-year-old man was charged with nine counts of publish etc false/misleading information to obtain advantage and participate criminal group contribute criminal activity.
Inquiries are continuing and further charges are expected to be laid.
All three men were granted conditional bail to appear in Port Kembla Local Court on Wednesday, April 14.
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