ASIC bans broker Raghwa Nand Prasad for four years in fraud related charges
ASIC has banned New South Wales broker Raghwa Nand Prasad, following an investigation which found him guilty of assisting in the falsifying of loan documents worth over $3 million. Nand Prasad’s business is located at Chipping Norton in NSW. The ban is for four years.
In September 2014, Prasad’s former wife and broker assistant, Shashi Kanta Prasad, was convicted for creating false loan documents in an attempt to secure home loans totalling more than $3.6 million. In May 2015, ASIC banned Ms Prasad for 10 years from engaging in credit activities and from providing financial services following her conviction for loan fraud.
An ASIC investigation found that between February 2008 and March 2011, Mr Prasad contravened credit legislation and financial services laws, and was knowingly involved in Ms Prasad’s contravention of credit legislation and financial services laws.
Raghav Nand Prasad was involved in creating false documents for seven loan applications. Prasad was found to be familiar with the situation of the loan applicants as he was their tax agent. Prasad falsified the documents and forwarded to the lender for the loan application.