ASIC has banned Ms Shashi Kanta Prasad, also known as Sashi Kanta Prasad, for 10 years from engaging in credit activities and from providing financial services following her conviction for loan fraud.

ASIC Deputy Chair Peter Kell said, ‘Removing unscrupulous operators like Ms Prasad from the industry will protect consumers and help ensure borrowers have trust and confidence in the lending sector.’

In September 2014, following an ASIC investigation, Ms Prasad was convicted and required to enter into a good behaviour bond for 18 months after pleading guilty to creating false loan documents in an attempt to secure home loans totalling more than $3.6 million for her clients.

Background

ASIC has been active in dealing with loan fraud which often involves mortgage brokers. Since becoming the national regulator of consumer credit in 2010, ASIC has achieved significant loan fraud outcomes including the banning of 29 individuals or companies (including 15 permanent bans).