Seven people have been arrested today following a lengthy investigation by the SA Police Major Fraud Investigation Section, according to SA Police.
It will be alleged the individuals were involved in submitting fraudulent applications for loans from banks and other credit providers to a total of $2.9 million.
The offending, alleged to have occurred between January 2015 and February 2017, involves housing loans totalling $596,000, and other finance applications linked with vehicles, personal loans and credit cards.
Those arrested are a 30-year-old man, a 56-year-old woman and a 26-year-old woman from Parafield Gardens; a 31-year-old man and a 25-year-old woman from Lightsview; and a 30-year-old man and a 28-year-old man from Mawson Lakes.
They have been jointly charged in relation to collaborating to submit fraudulent finance applications.
Investigations into this matter are continuing
Each of the seven have been granted bail and are expected to appear in the Elizabeth Magistrates Court on 18 October.