Melbourne broker banned for $243,000 fraud

The regulator said Shilpa Karandikar was banned from engaging in credit activities for four years after “she submitted false documents to secure a home loan worth $243,000”.

“ASIC’s investigation found that Ms Karandikar submitted a $243,000 home loan application on behalf of a client in July 2012 that contained false payslips, false employment documents and a false bank statement,” it said.

“The home loan application also contained false information to make the financial position of her client look more favourable than it actually was.”

According to ASIC, Ms Karandikar knew or should have known the documents and information contained in the loan application were false or misleading.

The ASIC investigation also found that she had been “involved in business practices that were not thorough, and which appeared fraudulent, misleading or otherwise improper”.

Deputy chairman Peter Kell said ASIC would ban brokers who failed to meet ethical standards.

“Brokers who arrange home loans on behalf of the public must act with honesty, integrity and in the customer’s best interest at all times,” he said.

Ms Karandikar, a former director of Kaar Creations, was an authorised credit representative from April 2011 to September 2012.

[Related: ASIC targets developer over alleged $1m fraud]

Melbourne broker banned for $243,000 fraud

Staff Reporter

Last Updated: 09 March 2022 Published: 23 July 2014

Written by Staff Reporter

Last Updated: 09 March 2022

Published: 23 July 2014