Mr Arunesh Narain Maharaj, former chief executive of stockbroking firm BBY and Sydney, New South Wales, appeared in Downing Centre Magistrates' Court charged with aiding, abetting, abetting or facilitating fraud。

The Australian Securities and Investments Commission (ASIC) alleges that Mr. Maharaj aided, abetted, encouraged or facilitated the criminal conduct of another former employee of BBY who, through deception, dishonestly obtained financial benefits for BBY from St George Bank, a subsidiary of Westpac Banking Corporation.。The financial benefit was to obtain additional funds through improper use of an overdraft facility account opened by BBY with St. George's Bank, which BBY was not entitled to use.。

Mr Maharaj is charged with two offences against sections 192E (1) (b) and 346 of the Crimes Act 1900 (NSW)。

The first charge relates to obtaining additional funds at the end of June 2013.。The second charge relates to obtaining additional funds between November 2014 and early 2015.。

Each offence under sections 192E (1) (b) and 346 of the Crimes Act 1900 (NSW) is punishable by up to 10 years' imprisonment。

The case was adjourned to 5 December 2023 for further proceedings.。

BBY is a former stockbroking and financial services business。The company was voluntarily taken over on May 17, 2015, and was liquidated on June 22, 2015, with a severe shortage of client funds.。

The Australian Securities and Investments Commission suspended BBY's AFS licence in May 2015.。The suspension will continue until June 2021, when its licence will be cancelled.。