The Serious Fraud Office has revealed it is investigating a large-scale mortgage fraud in the Auckland property market.
In its annual report for the year to June, the agency said it had invested significant resources into investigating a highly organised mortgage fraud.
It said Auckland's buoyant property market, including the rapidly developing commercial property sector, made it potentially vulnerable to fraud.
It said its latest investigation was focusing on organised teams of property developers, shell company directors, property valuers and lawyers.
A spokeswoman would not give any further details because the case was ongoing.
In the annual report, the agency also said it was continuing to keep a close eye on Canterbury, to try to prevent fraud in the insurance and construction industries.