A Melbourne couple have pleaded guilty for offences including breaching a banning order and providing false documents for home loans.
Shilpa Karandikar and Shrikrishna Karandikar appeared at Moorabbin Magistrates Court following an ASIC investigation.
On 5 December 2018, Mr and Mrs Karandikar separately pleaded guilty to offences against the National Consumer Credit Protection Act 2009 (National Credit Act).
Mrs Karandikar was convicted of engaging in credit activities contrary to a four-year ASIC banning order against her, and sentenced to a fine of $5,000, out of a maximum fine of $17,000.
She admitted to having prepared home loan applications to the NAB for three customers between July 2014 and August 2015 through her husband’s former mortgage broking business, Siddhi Vinayak Finance Pty Ltd.
The 2014 banning order was based on Mrs Karandikar having submitted false documents to secure a $243,000 home loan for a customer.
In sentencing her, Magistrate Crisp indicated it was a serious matter as Mrs Karandikar was engaging in the exact activities she had been banned from doing.
Mr Karandikar was convicted of giving false documents to NAB, stating he had completed customer identification forms in the presence of the home loan applicants, when he had not.
Mr Karandikar was sentenced to a fine of $5,000, out of a maximum fine of $17,000.
Mr and Mrs Karandikar were permanently banned from engaging in credit activities in December 2017.
