Sydney woman guilty of mortgage fraud

Mrs Shashi Kanta Prasad, of Chipping Norton, NSW, has pleaded guilty to four charges of fraud after an ASIC investigation found she created false loan documents for seven clients to secure home loans totalling more than $3.6 million.

Mrs Prasad, 48, pleaded guilty in the Downing Centre Local Court to making seven false statements.

She also pleaded guilty to producing 41 fake documents and instruments and using those statements, documents and instruments with the intention to obtain a financial advantage for her employer in the form of commissions.

ASIC alleges Mrs Prasad committed the offences between February 2008 and March 2011, while employed by Raj Prasad & Co Pty Ltd trading as Premium Financial & Retirement Solutions.

Mrs Prasad faces a maximum penalty of five years imprisonment on two of the charges and 10 years imprisonment on the other two charges.

Mrs Prasad was committed to the Sydney District Court for sentencing on 18 July 2014.

The Commonwealth Director of Public Prosecutions is prosecuting this matter.