Date: Friday, January 27, 2012, 11:20am PST

http://www.bizjournals.com/sacramento/news/2012/01/27/sacramento-man-mortgage-fraud-andrey-kim.html

A federal grand jury Thursday returned an indictment charging two people in connection with mortgage fraud.

Andrey Kim, 28, of Sacramento, and Sultanmurod Rashidov, 29, of Brooklyn, N.Y. were charged with mail fraud and money laundering the scheme that allegedly resulted in the loss of at least $180,000 to mortgage lenders.

Court records say Kim and Rashidov took out $236,000 in home equity loans on real estate in West Sacramento.

Kim allegedly inflated his income and got a $58,800 home equity loan. He then signed a deed granting joint ownership of the real estate to Rashidov, who then allegedly got a $178,000 equity loan by using false information about his employer and gross monthly income.

The case was investigated by the Federal Bureau of Investigation and the Internal Revenue Service-Criminal Investigation.

Kim also was indicted in a different mortgage fraud scheme in December.

Rashidov is thought to be out of the country.