A Melbourne couple has appeared in court after breaking a banning order from the corporate regulator and providing false documents.
Shilpa and Shrikrishna Karandikar were both banned by the Australian Securities and Investments Commission (ASIC) in December 2017 for engaging in credit activities and misleading and deceptive conduct.
The couple appeared in Moorabbin Magistrates Court on Wednesday charged with offences against the National Credit Act following an ASIC investigation.
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.
Mrs Karandikar was banned by ASIC in 2014 for submitting false documents to secure a $243,000 home loan for a customer.
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 NAB through Mr Karandikar’s former mortgage broking business, Siddhi Vinayak Finance Pty Ltd.
At the time the couple were banned in December 2017, ASIC acting chair Peter Kell said: “ASIC will uphold the integrity of its administrative powers in the interest of protecting the public from unscrupulous mortgage brokers.”
NAB identified the misconduct and reported it to ASIC. The Commonwealth Director of Public Prosecutions is prosecuting these matters.
The couple will appear in court on December 5.