Sydney woman pleads guilty to home loan fraud

by Adam Smith10 Jul 2014
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.


  • by GC 9/07/2014 12:57:23 PM

    In this case I think the employer should also be charged. I seriously doubt the employer didn't know what was happening and more than likely instructed her on how to produce the fake docs.

  • by Peter Economos 9/07/2014 1:14:50 PM

    Her last name and the employers name is the same. Of course they both should be chucked out of the industry and charged. They want to do stupid things, then pay the price.

  • by Clarke Kent 9/07/2014 1:20:20 PM

    A serial offender with 41 known fraudulent documents!

    What possible benefit does this serve? At some point it is all going to hit the fan!.