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18-298MR Couple charged with breaking ASIC banning order and providing false documents
Mrs Shilpa Karandikar and Mr Shrikrishna Karandikar of Clarinda, Victoria have separately appeared in the Moorabbin Magistrates Court on 3 October 2018 having been charged with offences against the National Consumer Credit Protection Act 2009 (National Credit Act) following an ASIC investigation. The matters were adjourned for mention on 5 December 2018.
Mrs Karandikar was charged with three counts of engaging in credit activities contrary to a four-year ASIC banning order against her. 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 (14-173MR).
Mr Karandikar was charged with three counts of giving false documents to the 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 the 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 (see 17-434MR).
The Commonwealth Director of Public Prosecutions is prosecuting these matters.
The National Australia Bank identified the misconduct and reported it to ASIC.
Engaging in conduct that is contrary to a banning order, contrary to section 82 of the National Credit Act, carries a maximum criminal penalty of 100 penalty units and/or two years imprisonment.
Giving information or a document to another person, while engaging in a credit activity that is false in a material particular, or materially misleading, contrary to section 160D of the National Credit Act, carries a maximum criminal penalty of 100 penalty units and/or two years imprisonment.