Consumer Affairs Victoria Initiates Proceedings Against Director Gaurav Kapoor for Unauthorized Withdrawals
A prominent Wyndham estate agency and its director, Gaurav Kapoor, 41, from Point Cook, are under scrutiny and facing disciplinary action for allegedly misusing over $30,000 in trust account funds. Mr. Kapoor, the Officer in Effective Control of Om Shri Pty Ltd (ACN: 164 860 682), is accused of making 17 unauthorized withdrawals from the trust account between March 25 and April 26, 2022, following the representation of a property seller in Tarneit.
Consumer Affairs Victoria has initiated disciplinary proceedings against Mr. Kapoor in the Victorian Civil and Administrative Tribunal (VCAT). The regulatory body alleges that the withdrawals, totaling $30,850, were made without proper authorization or justification.
The improprieties came to light when an external auditor, conducting a routine examination, uncovered the discrepancies. Consumer Affairs Victoria was promptly notified, leading to the initiation of disciplinary proceedings. The funds, since discovered to have been misappropriated, have been fully repaid. Importantly, no claims have been lodged with the Victorian Property Fund.
The case was brought before VCAT during a Directions Hearing last month, where the alleged misconduct was detailed. An Administrative Mention has now been scheduled for December 22, 2023, where further developments in the case are expected to be addressed.
Consumer Affairs Victoria aims to ensure accountability in real estate transactions and maintain the integrity of trust accounts. The outcome of the disciplinary proceedings will shed light on the severity of the alleged misconduct and any potential consequences for the Wyndham estate agency and its director, Gaurav Kapoor.
The Wyndham community and the broader real estate sector will be watching closely as the case unfolds, underscoring the importance of ethical conduct and adherence to regulatory standards within the industry.