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Aussie Home Loans has issued a statement in response to a $7 million mortgage fraud case involving one of its former brokers.
Last week, Shiv Prakash Sahay of Lidcombe was sentenced to 350 hours of community service on three charges of making false statements, and making and using false documents, according to ASIC. Mr Sahay was a former credit representative of AHL Investments trading as Aussie Home Loans.
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Aussie said it immediately terminated Mr Sahay’s contract in August 2013 after the group’s investigation found “discrepancies and false statements in loan applications”.
“We also informed the Mortgage and Finance Association of Australia, who subsequently terminated his membership of the association,” the statement said.
“We fully cooperated with ASIC in its investigation, and provided supporting documentation and other evidence to assist ASIC in his prosecution.”
Aussie said it understands that all of the loans subject to the discrepancies were eventually approved and no customers were disadvantaged financially as a result of Mr Sahay’s actions.
“Aussie has strict standards of conduct and will not tolerate any infringement of them, as seen from our action regarding this matter,” it said.
[Related: MFAA was right to expel me, ex-Aussie broker admits]
