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Four Men Arrested Following Fraud Scheme

Last updated on Thursday, April 10, 2008

(INDIANAPOLIS) - Four men are in custody and two others are being sought in connection with a massive mortgage fraud scheme.

Indianapolis police say 568 mortgage loans totaling $37.3-million dollars were taken out on nearly 300 homes. This is a part of "Operation: Clean Sweep," which targets violent crime and blighted housing.

Indianapolis Metro Police Lieutenant Marshall Depew with the chief's office says the scheme involved using federal HUD money and bankruptcy filings. Depew says these homes were often the scenes of violent crime and caused strife in the surrounding neighborhoods. Depew likened the alleged frauds to shoplifting in the mortgage industry: people steal and everyone pays the price.

Mehran Valiyi, Marcus Ward, Brian Beach, and Omar Dillard are behind bars. Preston Forte and Ladarius Patrick are both wanted on a number of charges.

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