Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Sydney broker sentenced for $7m mortgage fraud

judge hammer  x judge hammer  x
Reporter 4 minute read

A former Aussie Home Loans broker has been sentenced for three fraud charges issued by ASIC.

Shiv Prakash Sahay of Lidcombe, a former credit representative of AHL Investments trading as Aussie Home Loans, was sentenced to 350 hours of community service on three charges of making false statements, making false documents and using false documents, according to the regulator.

These statements and documents were contained in loan applications submitted by Mr Sahay for his clients to Bankwest and Suncorp Bank, ASIC said.

“ASIC’s investigation found that between 14 November 2011 and 6 August 2013, Mr Sahay, whilst a credit representative of Aussie Home Loans, made false statements in loan applications and created and used false bank statements for 17 of his clients to attempt to secure home loans totalling approximately $7 million,” the regulator said in May.


“Of the $7 million in loans for which Mr Sahay applied, $4.796 million were approved.

“Ask Consultancy Services, a company controlled and owned by Mr Sahay, received over $5,500 in upfront commissions and then ongoing commissions as a result of Mr Sahay's offending.”

ASIC commissioner Peter Kell said the reputation of the lending industry depends on mortgage brokers and other credit representatives acting honestly and in compliance with the credit laws.

“ASIC will vigorously pursue offenders involved in falsifying loan documents and other statements for their own financial benefit,” he said.

Mr Sahay was expelled from the MFAA in February last year for “dishonest and fraudulent” conduct.


Since becoming the national regulator of consumer credit in 2010, ASIC has launched criminal proceedings against 11 individuals, resulting in seven convictions for various offences and four defendants currently before the courts.

ASIC has also banned 34 individuals/companies from providing credit services or holding a credit licence, including 18 bans/cancellations.

[Related: MFAA was right to expel me, ex-Aussie broker admits]

Sydney broker sentenced for $7m mortgage fraud
judge hammer  x
TheAdviser logo

Are you a new-to-industry broker in the process of growing your business? Then there’s some great news: The Adviser’s New Broker Academy is back in 2021 and will provide you with essential insights into cutting-edge tools, strategies and processes to fast-track to success. Don’t miss your chance to attend. To secure your FREE place, visit newbroker.com.au now!

judge hammer  x


more from the adviser
merger puzzle Joust launches broker-borrower matching service

The online home loan auction platform has launched a new matching...

uptick graph Prospa boosted by business sentiment rise

Prospa managed a personal best of $182.7 million in loan originat...

Peter White Brokers must vaccinate: FBAA

The Finance Brokers Association of Australia has urged brokers to...