The defendants were indicted in the Northern District of Illinois for their roles in a mortgage fraud scheme. Prosecutors allege that Mohammad Taghie Kakvand, a.k.a. Mike Kakvand would buy apartment houses through Residential Realty Development, Inc. and obtain loans for buyers of his condominiums through brokerages that he owned. Thomas M. Groh allegedly prepared false appraisals that overvalued and misrepresented the condition of the properties. An arrest warrant was also issued for Syed Ali Mohammed Razvi. Jan Rozycki, a.k.a. Jarek Kozla, who recently pleaded guilty in a separate mortgage fraud case in Rockford, was named but was not indicted. The defendants allegedly obtained $27.3 million in loans from 1997 through August 2004 and the scheme involved at least 32 apartment buildings in Chicago, Illinois neighborhoods such as Rogers Park and South Shore.
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Kakvand, Groh, Razvi - Chicago, Illinois
Friday, October 15 2004 05:38-
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3 Indicted in Mortgage Scheme - Chicago Business
Thomas M. Groh, Elgin, Illinois, 57, real estate appraiser (wire fraud, 8 counts bank fraud)
Mohammad Taghie Kakvand, a.k.a. Mike Kakvand, Park Ridge, Illinois, mortgage broker, Residential Realty Development, Inc (wire fraud)
Syed Ali Mohammed Razvi, 39 (wire fraud, 4 counts bank fraud)
Jan Rozycki, a.k.a. Jarek Kozla, was named but was not indicted
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Saturday, October 30 2004 08:18
posted by Jim
Please notify me if anything else should arise from this, such as arrests/court dates / outcome /etc
Thank You
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Rachel Dollar, the editor of Mortgage Fraud Blog is an attorney and Certified Mortgage Banker who handles litigation for lending institutions and secondary market investors.
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