Bendigo and Adelaide Bank told the Federal Court it believes it uncovered a $12 million fraud involving 700 allegedly fake car loans originated by Australian Motor Finance, The Age reported.In business since 2003, AMF had serviced around 3000 loans with a book value of $50 million.The bank appointed Ian Carson and Daniel Bryant of PPB as receivers ten days ago. The newspaper reported that Bendigo Bank obtained Federal Court orders barring AMF directors Denis Angeleri, Ian Brindley and Michael O'Brien from disposing or dealing with up to $13 million of assets until March while investigations continue.According to the article, AMF in 2007 sold a portfolio of 1000 car loans to Adelaide Bank Nominees and the bank agreed to provide $48.9 million in finance for new loans originated by AMF. The newspaper reported that a bank-appointed auditor from KPMG arrived at the offices of AMF on 22 January and found the office locked. This triggered the appointment of PPB as administrators, who, once they gained access, found communications cables disconnected, computers and servers containing financial records missing, and that drawers and shelves had been emptied. Back-up tapes were later found to be blank.