ASIC bans NSW broker for assisting in multi-million dollar loan fraud

by Julia Corderoy07 Sep 2015
ASIC has banned a New South Wales broker following an investigation which found him guilty of assisting in the falsifying of loan documents worth over $3 million.

ASIC has banned Raghwa Nand Prasad of Chipping Norton, NSW, from providing financial services and from engaging in credit activities for four years.

In September 2014, Prasad’s former wife and broker assistant, Shashi Kanta Prasad, was convicted for creating false loan documents in an attempt to secure home loans totalling more than $3.6 million.

An ASIC investigation found that between February 2008 and March 2011, Mr Prasad contravened credit legislation and financial services laws, and was knowingly involved in Ms Prasad’s contravention of credit legislation and financial services laws. 
 

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