PHOTO: Amit Miglani
A Melbourne real estate agent who took nearly $100,000 out of his agency’s trust account and splurged on luxury cars and private school fees should be able to continue working in the industry, a court has heard.
MIG Real Estate’s Amit Miglani pleaded guilty through his lawyer to causing a deficiency of trust money of $55,500 and fraudulently converting to his own use $42,648.98 from the trust account.
Funds were used to pay school fees at Xavier College, and spent on luxury car brands such as BMW, Audi and at Zagame Automotives.
Mr Miglani was the officer in effective control of SNM Properties, trading as MIG Real Estate, which held three trust accounts for rental properties and one for property sales.
Consumer Affairs Victoria inspectors inspected a selection of the agency’s trust account records on September 4 and September 5, 2018, and formed the view there were significant discrepancies.
Then-Consumer Affairs minister Marlene Kairouz froze the accounts, but CAV then became aware the agency had opened new accounts. The minister directed the agency to cease trading and froze the new accounts.
The agency’s licence was cancelled on November 3, 2018 and Mr Miglani’s estate agents’ licence was also cancelled effective September 15, 2019.
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