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Mortgage fraud…Prosecutors in the mortgage fraud case against New York-based Guyanese businessman Edul Ahmad has given notice that they will seek the forfeiture of his properties if he is convicted.Ahmad who was indicted on ten counts relating to bank fraud could also be deported at the end of his sentence if convicted, according to a legal source.A federal grand jury in Brooklyn has returned an indictment charging Ahmad with participating in a mortgage fraud scheme in which he and others fraudulently obtained more than $50 million in loans.court documents revealed that the government will seek forfeiture in accordance with title 18, united states code, section 981(a) (1) (c) and title 28, united states code section 2641(c), which require any person convicted of such offenses to forfeit any property constituting or derived from proceeds obtained directly or indirectly as a result of such offenses.They point to the possibility of the US government even targeting some of Ahmad’s assets outside of that jurisdiction.the documents further stated that if any of the above described forfeitable property, as a result of any act or omission of the defendant:  cannot be located upon exercise of due diligence; has been transferred or sold to, or deposited with a third party; has been placed beyond the jurisdiction of the court has been substantially diminished in value or has been comingled with other property which cannot be divided without difficulty, it is the intent of the united states to seek forfeiture of any other property of the defendant up to the value of the forfeitable property described in the forfeiture allegation.Ahmad’s indictment alleges the defendant conspired to defraud financial institutions, including Bank of New York, JP Morgan Chase, Citibank, N.A., Countrywide Financial, Flushing Savings Bank, Fremont Investment and Loan, HSBC Bank USA, N.A., IndyMac Bank, One West Bank, U.S. Bank, and Wells Fargo & Company, and wholesale mortgage lenders, including New Century Mortgage Corporation and Ocwen Financial Corporation.As detailed in the indictment, from 1995 to 2009, Ahmad was a licensed real estate broker in the state of New York and also acted as a loan officer.As part of the alleged scheme, he submitted false loan applications and supporting documents to make borrowers of mortgage loans appear to be more creditworthy than they actually were.The defendant did that in order to profit from real estate commissions and loan fees generated by the transactions.Additionally, at the closings of these deals, Ahmad prepared and submitted documents that falsely misrepresented whether the borrowers actually made any payments to the sellers and understated the amounts of Ahmad’s real estate commissions and loan fees.In doing so, Ahmad prevented the financial institutions from discovering that his fees exceeded those permitted by them.Many of the homes involved were ultimately lost in foreclosures because the borrowers could not afford to make their mortgage payments.Hearing of the matter commences before Judge Dora Irrizarry at 14:30 hours on September 6.