A purported mortgage broker in Dandenong whose home loan schemes defrauded $369,000 from vulnerable families has been jailed.
Surendrakumar Thurairatnam, 49, of Lynbrook, pleaded guilty at the Victorian County Court to 15 counts of obtaining property by deception.
Thurairatnam stripped the life savings from “already financially stressed” victims who wanted to buy their “dream” homes, Judge Michael O’Connell said on 13 July.
“As a result of their dealings with you, they have been left all the more financially vulnerable, struggling to meet basic necessities.”
Mainly from South Sudan and North Africa, the victims were referred by family and friends to his business Prime Legal & Finance at the Hub Arcade in Dandenong.
Some of them arrived after being knocked back for bank loans.
Thurairatnam falsely promised to obtain home loans in return for thousands of dollars in advance.
As part of the ruse, he presented fake loan and pre-loan approval letters from major banks.
He falsely claimed to be a qualified legal practitioner, home loan specialist, mortgage broker and land broker.
Judge O’Connell said the crimes weren’t caused by “poor business practice” but by “dishonesty”.
“Each of these victims and their families had hoped to realise their dream of buying their own home.
“You told them that you could make that dream come true and they trusted that it would.
“In each of these offences you assuredly breached that trust.“
In mitigation, Thurairatnam argued that he played a junior role at the business.
He acted under the direction of his business partner who produced the false documents and collected the victim’s deposits, he claimed.
Under cross-examination, the business partner denied the allegations – although Judge O’Connell found his evidence “wholly unsatisfactory” and “far from frank”.
But despite these “suspicions”, the judge found Thurairatnam still had a “substantial” role in the “egregious, fraudulent enterprise”. His allegations were “completely inconsistent” with his guilty pleas.
Born and raised in Sri Lanka, the Tamil refugee was exposed to bombings and killings as part of the civil war.
His adjustment disorder, anxiety and depression deteriorated after his business closed and charges ensued.
Judge O’Connell noted his “very good” rehabilitation prospects given he had no prior convictions and had repaid nearly $60,000 to victims.
But it had taken Thurairatnam “considerable time” to take responsibility.
He was jailed for up to three years, and eligible for parole in 18 months.
