Error
  • JUser: :_load: Unable to load user with ID: 82
Menu
Cuzz Media

Cuzz Media

Cuzz Media is part of the...

NAB VICTIM

NAB VICTIM

In late 2008 we became vi...

Banking In Australia Today

Banking In Australia Today

View Banking in Australia...

Prev Next

Sydney woman pleads guilty to $3.6 million home loan fraud

Sydney woman pleads guilty to $3.6 million home loan 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 the offences 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.

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.

Background

Mrs Prasad was charged by ASIC for the following offences:

   • One offence of obtaining a financial advantage by false or misleading statements, involving four statements (section 178BB(1) of the Crimes Act 1900 (NSW) (Crimes Act) [in force at time of offence, since repealed])
   • Maximum penalty: Imprisonment for 5 years
   • One offence of intention to defraud by false or misleading statement, involving three statements (section 192G of the Crimes Act)
   • Maximum penalty: Imprisonment for 5 years
   • One offence of using false instruments, involving 24 instruments (section 300(2) of the Crimes Act [in force at time of offence, since repealed])
   • Maximum penalty: Imprisonment for 10 years, and
   • One offence of using false documents, involving 17 documents (section 254 of the Crimes Act)
   • Maximum penalty: Imprisonment for 10 years.

Last modified onThursday, 10 July 2014 04:33

Leave a comment

Make sure you enter all the required information, indicated by an asterisk (*). HTML code is not allowed.

back to top

News

Major Topics

Helpful Resources

Socialize

About Us