Good behaviour bond after false loan documents for $3.6 million of mortgages

Shashi Kanta Prasad, of Chipping Norton, New South Wales, has been convicted of four charges of fraud, in relation to creating false loan documents to secure mortgages totalling more than $3.6 million.

Although the ASIC investigation led to the conviction, Prasad was noted to have acted in full cooperation, a fact which was taken into account to in the conviction and decision to grant Prasad an 18 month good behaviour bond.

Prasad created false loan documents for seven clients, which resulted in her obtaining upfront and ongoing commission payments exceeding $11,000.

She previously pleaded guilty in the Downing Centre Local Court to making seven false statements, producing 41 fake documents and using those documents to obtain a financial advantage for her employer in the form of commissions.

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