Melbourne couple banned after contravening ASIC order

A husband and wife from Melbourne have been permanently banned from engaging in credit activities by the Australian Securities and Investments Commission (ASIC) after using their mortgage broking business to facilitate an application for a home loan whilst banned.

The regulator found Shilpa Karandikar used aDandenong-based mortgage broking business owned by her husband, Shrikrishna Karandikar, to act in the capacity of an intermediary broker between consumers and National Australia Bank (NAB) between mid-2014 and early-2016. The intention of this, to secure a home loan, went against the terms of an ASIC banning already in place against Mrs Karandikar.

The misconduct was identified by NAB and reported to the regulator.

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 “ASIC will uphold the integrity of its administrative powers in the interest of protecting the public from unscrupulous mortgage brokers,” said ASIC acting chair, Peter Kell.

Mrs Karandikar was banned by ASIC on 10 July 2014 after she was found to have submitted false documents to secure a $243,000 home loan for a customer. Mr Karandikar was also found to have engaged in misleading and deceptive conduct at this time in relation to the same offence. 

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