Accused get bail in fraud case

PUBLISHED : Saturday, 06 March, 1993, 12:00am
UPDATED : Saturday, 06 March, 1993, 12:00am

EIGHT people arrested in an ICAC investigation of alleged mortgage fraud were granted bail of between $50,000 and $250,000 yesterday.

ICAC officers detained five men and two women - including two solicitors' clerks and a former clerk - on Tuesday and Wednesday for suspected involvement in tricking financial institutions into releasing loans on bogus property conveyancing documents. Another man was arrested late on Thursday night.

No charges have been laid and all have been released on bail to report to ICAC headquarters at a later date.

Investigators believe the total amount involved could run into tens of millions of dollars.

The Law Society said yesterday that it had asked for information from the ICAC about the investigation.