Powered by MOMENTUM MEDIA
subscribe to our newsletter

Sydney woman guilty of mortgage fraud

A Sydney woman has pleaded guilty to four charges of fraud.

Mrs Shashi Kanta Prasad, of Chipping Norton, NSW, has pleaded guilty to four charges of fraud after an ASIC investigation found she created false loan documents for seven clients to secure home loans totalling more than $3.6 million.

Mrs Prasad, 48, pleaded guilty in the Downing Centre Local Court to making seven false statements.

She also pleaded guilty to producing 41 fake documents and instruments and using those statements, documents and instruments with the intention to obtain a financial advantage for her employer in the form of commissions.

ASIC alleges Mrs Prasad committed the offences between February 2008 and March 2011, while employed by Raj Prasad & Co Pty Ltd trading as Premium Financial & Retirement Solutions.

Advertisement
Advertisement

PROMOTED CONTENT


Mrs Prasad faces a maximum penalty of five years imprisonment on two of the charges and 10 years imprisonment on the other two charges.

Mrs Prasad was committed to the Sydney District Court for sentencing on 18 July 2014.

The Commonwealth Director of Public Prosecutions is prosecuting this matter.

Sydney woman guilty of mortgage fraud
mortgagebusiness

Latest News

Australian buy now, pay later giant Afterpay is set to be acquired by a San Francisco payments fintech, in a deal worth approximately $39 bi...

There has been sustained robust growth in home lending driven by strong owner-occupied lending and faster growth in investor housing, accord...

The prudential regulator has launched a week-long consultation on its regulatory approach for banks offering temporary financial assistance ...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

How long do you think it should take to discharge a mortgage?

Website Notifications

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