A couple have been charged with breaching a banning order and providing false home loan documentation to a bank, which both carry a maximum criminal penalty of two years’ imprisonment.
Mrs Shilpa Karandikar and Mr Shrikrishna Karandikar of Clarinda, Victoria, separately appeared in the Moorabbin Magistrates Court yesterday (3 October 2018) after being charged with offences against the National Consumer Credit Protection Act 2009 (NCCP) following an ASIC investigation.
Mrs Karandikar was charged with three counts of engaging in credit activities contrary to a four-year ASIC banning order against her.
Engaging in conduct that is contrary to a banning order carries a maximum criminal penalty of 100 penalty units and/or two years’ imprisonment.
It is alleged that Mrs Karandikar had prepared and submitted home loan applications for three customers in contravention of the banning order made on 10 July 2014.
That order was made on the basis that Mrs Karandikar had submitted false documents to secure a $243,000 home loan for a customer.
Similarly, giving information or a document to another person, while engaging in a credit activity that is false in a material particular, or materially misleading, also carries a maximum criminal penalty of 100 penalty units and/or two years’ imprisonment.
Mr Karandikar was charged with three counts of giving false documents to National Australia Bank, certifying that he had completed customer identification forms in the presence of the home loan applicants, when it is alleged he had not met them.
The home loan applications were submitted to National Australia Bank through Mr Karandikar’s former mortgage broking business, Siddhi Vinayak Finance Pty Ltd.
ASIC permanently banned Mr and Mrs Karandikar in December 2017 from engaging in credit activities. The basis for the permanent bannings included the continuation of credit activities and misleading and deceptive conduct.
The matters were adjourned for mention on 5 December 2018.
According to ASIC, NAB had identified the misconduct and reported it to ASIC.
[Related: Melbourne broker banned for $234,000 fraud]