SOUTHFIELD, Mich. (AP)--Fifth Third Bancorp (FITB) has asked for a criminal investigation after allegations of a conspiracy among some bank employees, appraisers, title companies and others involved in mortgages in affluent suburbs of Detroit.

Several employees have been fired or have resigned, The Detroit News said Friday.

Fifth Third first went to court last year over one mortgage. It later said that there were at least 11 fraudulent deals in the scheme.

In August, the company amended a lawsuit seeking $10.8 million in damages from 44 people it said were involved in seven real estate transactions.

The Cincinnati-based banking company has Michigan offices in the Detroit suburb of Southfield.

Jack Riley, vice president for marketing at Fifth Third in eastern Michigan, said it has sought a criminal probe as well.

"We've definitely gone to the authorities," he said. "We're going after justice."

Fifth Third "recently discovered that it has been the victim of an extensive fraudulent mortgage loan scheme," it said in documents filed in Oakland Circuit Court.

The bank said that those involved got loans for as much as $1 million higher than the value of the properties.

Fifth Third Bancorp has about $106 billion in assets. Its 19 affiliates operate banks in Michigan, Ohio, Kentucky, Indiana, Illinois, Florida, Tennessee, West Virginia, Pennsylvania and Missouri.

 (END) Dow Jones Newswires
  10-06-06 0615ET
  Copyright (c) 2006 Dow Jones & Company, Inc.
 
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