BAKERSFIELD, Calif. -- Two suspects are wanted in a real estate fraud case, accused of thefts totaling more than $4 million, kickbacks and money laundering.

Bakersfield police are looking for Agustin Ramirez and Guadalupe Ramirez. Guadalupe Ramirez is a licensed real estate agent.

The two face 15 felony charges.

"They're accused in the criminal complaint of one count of conspiracy to commit grand theft by false pretenses and one count of conspiracy to commit money laundering," deputy district attorney L. Gordon Isen told Eyewitness News on Thursday.

Isen said both suspects also face many enhancements, and the case lists 30 "overt acts" under the first count, and nine more "overt acts" under the second charge.

The case outlines a scheme, which prosecutors say the pair pulled off from October 2006 through January 2007.

The case says Guadalupe Ramirez arranged for Agustin Ramirez to buy a home on Craigton Court, and it was arranged for Agustin Ramirez to get a kickback in the form of $100,000 from the seller.

"Payment was not disclosed to the lender, thus deceiving the lender as to the actual purchase price of the Craigton property," reads the case.

The case says an appraiser was hired, who then set the value of the property consistent with the sale price inflated by the $100,000 kickback.

"Defendant Agustin Ramirez executed a credit application to obtain financing of the purchase of the Craigton property, which application contained material falsehood, to wit: that the property was to be owner-occupied and that the full purchase price of the property was $750,000," reads the complaint.

The case states the suspects went on to buy homes on Lindsay Road, Buxton Hill, San Simeon and Crown Crest. Prosecutors say as each new property was purchased the suspects also failed to tell lenders about the previous loans and debts.

With each home, the case alleges Agustin Ramirez never made payments on the home loans, and the houses went into foreclosure in a matter of months.

"That pattern was repeated in all the five properties in the alleged scam," Isen said.

He said the pair is accused of money laundering of thousands of dollars, and said the total of the alleged kickbacks is about $385,000.

Two real estate appraisers are listed in the case as being involved in the transactions, but Isen said they are not being charged.

However, the search is on for Guadalupe and Agustin Ramirez. Isen said search warrants have been issued for each of them in the amount of $1 million apiece.

"We haven't arrested them at this time," Isen said. "If the pubic has any information on their whereabouts, we'd appreciate the Bakersfield Police Department being notified."

Isen said the case is the work of the newly formed Real Estate Fraud unit in the Kern County District Attorney's office. He said the unit was set up about six months ago, and it's funded with a special tax that was approved by the state legislature.

Isen said real estate crime is being recognized as an area of serious crime, and it's important to go after cases like this.

"We have the ability to go back," Isen said, "and within the statute of limitations period find the criminals who did these crimes back at the peak of the market and prosecute them today."