Coke dealer-abetting mortgage brokers helps cause Amsterdam’s housing shortage

The network included real estate agents, mortgage advisors, and administration officers who fabricated employer statements, salary slips, and company accounts to deceive banks. “We even saw fictitious monthly wage payments made to the applicants’ bank accounts,” the detective said.

“Anything to give the mortgage lender the illusion that the customer had a well-paid job.” The network charged from 7,000 to 12,000 euros per fraudulent mortgage.

In 2023 alone, dozens of mortgages were obtained using fake documents, but police believe this is just a fraction of the group’s activities since 2018.

The police identified six mortgage advisors who have been submitting forged applications, averaging two fraudulent mortgages per month regularly since 2018, equating to at least 800 falsified mortgages. This has removed a significant number of homes from Amsterdam’s housing market during a housing shortage. “The fraud also affects ordinary citizens who did comply with the rules and saw homes pass them by,” said Amsterdam prosecutor Ursula Weitzel.

In May, police arrested 10 individuals related to the fraud investigation, with another 12 suspects identified since. These suspects, working in real estate, administration, or as mortgage advisors, face charges of fraud, forgery, and money laundering.