Mr Arunesh Narain Maharaj, of Sydney, New South Wales, the former Chief Executive Officer of stockbroking firm BBY Limited (BBY), has appeared in the Downing Centre Local Court charged with aiding, abetting, counselling or procuring fraud.
ASIC alleges that Mr Maharaj aided, abetted, counselled or procured offences by another former BBY employee, who, by deception, dishonestly obtained a financial advantage for BBY from St George Bank, a division of Westpac Banking Corporation. The financial advantage was obtaining additional funding by way of improperly drawing down on an overdraft facilitation account which BBY held with St George Bank which BBY was not entitled to.
Mr Maharaj has been charged with two counts contrary to sections 192E(1)(b) and 346 of the Crimes Act 1900 (NSW).
The first count relates to obtaining additional funding at the end of June 2013.
The second count relates to obtaining additional funding from November 2014 to early 2015.
The matter was adjourned for further mention on 5 December 2023.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.
Background
Each offence of section 192E(1)(b) and 346 of the Crimes Act 1900 (NSW) carries a maximum penalty of 10 years’ imprisonment.
BBY was a former stockbroking and financial services business. It was placed into voluntary administration on 17 May 2015 and in liquidation on 22 June 2015, with significant client shortfalls.
ASIC suspended BBY’s AFS licence in May 2015. That suspension remained in place until its licence was cancelled in June 2021.
ASIC’s investigation into BBY is ongoing.
Editor's note 1:
On 5 December 2023, the matter was adjourned until 30 January 2024.
Editor's note 2:
The matter has been further adjourned to 26 March 2024 in the Downing Centre Local Court.
Editor's note 3:
The matter has been further adjourned to 9 April 2024 in the Downing Centre Local Court.
Editor's note 4:
On 9 April 2024, the matter was mentioned in the Downing Centre Local Court and adjourned to 7 May 2024.