ASIC has prohibited Robin Raju of Parramatta, New South Wales from engaging in credit activities for two years under its banning powers. ASIC has also suspended the credit licence of Robin Raju & Associates Pty Ltd (RRA) for two years.
ASIC determined that Mr Raju submitted to ASIC on 25 September 2022 a Credit Licence Annual Compliance Certificate for RRA which contained false and misleading statements, and contravened the obligation to act efficiently, honestly and fairly.
Mr Raju did not disclose that he had been the subject of disciplinary action by the Tax Practitioners Board, among other matters. ASIC found that Mr Raju contravened the National Consumer Credit Protection Act 2009 (Credit Act) and made a banning order that prohibits him engaging in credit activities for two years.
Additionally, ASIC found that RRA contravened the Credit Act by failing to truthfully answer questions on its Annual Compliance Certificate. Given the findings about Mr Raju, RRA does not have a fit and proper person as its officer as required by the Credit Act. The RRA credit licence has no effect while it remains suspended.
Mr Raju’s prohibition against engaging in credit activities and RRA’s licence suspension took effect on 7 December 2023.
Mr Raju and RRA have the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decisions.
