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Melbourne couple convicted after breaching banning order

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Reporter 1 minute read

A Victoria-based couple have been fined $5,000 each after being convicted of engaging in credit activities in breach of a banning order.

Mrs Shilpa Karandikar and Mr Shrikrishna Karandikar were first charged with offences against the National Consumer Credit Protection Act 2009 (NCCP) in October of this year, following an ASIC investigation.

At the hearing at Moorabbin Magistrates Court last week, Mrs Karandikar pleaded guilty to the offences and was convicted of engaging in credit activities contrary to a four-year ASIC banning order against her.

That order was made on the basis that Mrs Karandikar had submitted false documents to secure a $243,000 home loan for a customer.

She was sentenced to a fine of $5,000 (out of a maximum fine of $17,000).

Meanwhile, Mr Karandikar was convicted of giving false documents to the National Australia Bank, stating that he had completed customer identification forms in the presence of the home loan applicants, when he had not.

Mr Karandikar was sentenced to a fine of $5,000 (out of a maximum fine of $17,000).

In sentencing Mrs Karandikar, Magistrate Crisp indicated it was a serious matter as Mrs Karandikar was engaging in the exact activities she had been banned from doing.

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Mr and Mrs Karandikar were permanently banned from engaging in credit activities in December 2017.

According to ASIC, NAB had identified the misconduct and reported it to ASIC.

[Related: Broker couple charged for NCCP breaches]

 

 

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