Aaron Bunch Journalist with Australian Associated Press | Collection of published work | + 61 484 008 119 | abunch@aap.com.au

Aaron Bunch
Mortgage broking couple banned by ASIC

A husband and wife mortgage broking team have been permanently banned by ASIC after the couple ignored an earlier ban and continued to process loans.

December 14, 2017

A husband and wife mortgage broking team have been permanently banned by the corporate watchdog after the couple continued to process home loans despite an earlier ban.

The Australian Securities and Investments Commission said Shrikrishna and Shilpa Karandikar defied the watchdog’s 2014 ban of Shilpa Karandikar – for submitting false documents to secure a home loan for a customer – when Mrs Karandikar acted as an intermediary between consumers and National Australia Bank to secure home loans.

The loan applications were submitted through Mr Karandikar’s mortgage broking business in Dandedong between mid-2014 and February 2016. 

ASIC also found that Mr Karandikar engaged in misleading and deceptive conduct by certifying he had completed customer identification forms in the presence of home loan applicants when he had not.

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