Dutch authorities have arrested a 43-year-old real estate broker from Zaandam for orchestrating a large-scale mortgage and document fraud scheme that exploited hundreds of migrant workers, leaving many in severe financial distress.
According to the Amsterdam financial crimes unit, the broker long known to investigators used forged documents and excessive service fees to arrange housing for vulnerable clients, many of whom spoke little or no Dutch. Seven additional suspects have been detained or summoned, and police anticipate more arrests as the investigation widens.
The suspect’s office in Zaandam has been shut down. Searches at four properties uncovered cash, luxury watches, jewelry, and other valuables, along with a police baton. Officers say roughly 20 witnesses are currently being questioned.
Investigators revealed that the broker presented himself as a “trusted contact” for labor migrants in Amsterdam and Zaanstad. He allegedly falsified employment and financial records to secure homes well beyond his clients’ mean sometimes by transferring money temporarily to inflate their apparent income. The funds had to be repaid immediately after purchase.
Clients were reportedly charged double commissions once through the official notary and again privately while also being persuaded to take risky personal loans or “home improvement” credits. Many later defaulted on payments and faced foreclosure.
Police described the scheme as a “market takeover by swindlers,” saying both honest and dishonest buyers ended up trapped in unsustainable debt. “Honest people can’t find homes, prices stay high, and the rogue intermediaries walk away laughing,” one investigator said.
Authorities believe the case is part of a wider criminal network involving bookkeepers and financial advisers who supplied fake employment and income documents. Investigators also suspect links to labor exploitation and money laundering, with “entire streets” in parts of Zaandam and Amsterdam now filled with properties purchased through fraudulent means.
“It’s absurdly simple to register a company at the Chamber of Commerce,” an officer noted, explaining that migrants were helped to register multiple shell firms in a single day often without understanding the paperwork.
Expanding Investigation
The probe stems from a 2024 mortgage fraud investigation that saw ten arrests in Amsterdam, Almere, Badhoevedorp, and Zaandam. The current case focuses on brokers and accountants accused of facilitating falsified mortgage applications and illicit financial transfers.
Prosecutors said the suspicions must still be proven in court but confirmed that further arrests are expected, including among clients who knowingly participated.
Investigators have urged banks and notaries to tighten oversight. “If a taxi driver claims massive income, don’t look away,” one officer said. “Banks should be allowed to verify income data directly with tax authorities. Otherwise, we’re just mopping the floor while the tap is still running.”
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