A Sydney woman has pleaded guilty to fraudulently obtaining more than $3.6m in home loans.
Mrs Shashi Kanta Prasad, of Chipping Norton, NSW, has pleaded guilty after ASIC found she created false loan documents for seven clients. Prasad pleaded guilty to making seven false statements, 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.
The fraud occurred between February 2008 and March 2011, while Prasad was employed by Raj Prasad & Co Pty Ltd trading as Premium Financial & Retirement Solutions. She faces a maximum penalty of five years imprisonment on two of the charges and 10 years imprisonment on the other two charges.