Fair Trading Suspends Agent for Misrepresentation, Disqualifies Another for Fraud

NSW Fair Trading News

Filed February 25th, 2026

Detected March 13th, 2026

Summary

NSW Fair Trading has suspended one real estate agent's license for 60 days due to misrepresenting prices and failing to pass on offers. In a separate action, another agent was disqualified for five years and faces further investigation for misappropriating approximately $300,000 in trust funds.

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What changed

NSW Fair Trading has taken significant enforcement actions against two real estate agents. Deepak Bangarh's license has been suspended for 60 days for misrepresenting property selling prices and failing to submit all offers to vendors. Separately, John Kim has had his license cancelled and been disqualified for five years for misappropriating around $300,000 from trust accounts related to two properties. Investigations into Kim's actions are ongoing, with potential for further legal action.

These actions highlight the agency's commitment to protecting consumers and vendors from fraudulent and misleading practices in the real estate market. Regulated entities, particularly real estate agents and businesses, should review their practices regarding price substantiation, offer submission, and the handling of trust monies. The agency is also consulting on tougher underquoting laws, indicating a trend towards increased scrutiny and stricter regulations in the sector. Compliance officers should ensure adherence to all legal obligations to avoid disciplinary action, including license suspension or disqualification and potential financial penalties.

What to do next

Review internal policies and procedures for property price representation and offer submission.
Ensure all trust monies are handled in strict accordance with legal requirements.
Monitor ongoing regulatory developments regarding underquoting laws in New South Wales.

Penalties

License suspension for 60 days, license cancellation, disqualification for five years, potential for further legal action and financial penalties.

Source document (simplified)

Departmental release

Fair Trading suspends estate agent over selling prices and disqualifies another agent for $300k fraud

Published: 25 February 2026 Released by: NSW Fair Trading Listen NSW Fair Trading has suspended the licence of real estate agent Deepak Bangarh for 60 days following an investigation finding he misrepresented selling prices, did not substantiate estimated selling prices, and was not passing on all offers of purchase to vendors, as required by law.

The manipulation of estimated selling prices and the advertising of a property for less or more than its estimated selling price misleads consumers and vendors, and causes costs, delays and time wasted.

NSW Fair Trading has appointed a manager to take control of the real estate business during the suspension period while NSW Fair Trading continues its investigation.

In a separate matter, NSW Fair Trading has cancelled the real estate licence of Epping Real Estate agent John Kim and disqualified him for five years for misappropriating around $300,000 of trust monies. Investigators established that deposits of $86,000 from a Castle Hill property and $218,000 from a North Curl Curl property had been fraudulently removed from company accounts.

NSW Fair Trading’s investigations into Mr Kim remain ongoing including the potential for further legal action in conjunction with other government agencies.

The NSW Government is finalising consultation on tougher underquoting laws including requiring agents to publish a Statement of Information (SOI) on all property listings. This proposed reform would help prospective buyers understand how the selling price was calculated, including comparable sales and suburb median prices.

From January this year, disciplinary action is recorded on NSW Fair Trading’s recently launched ‘Name and Shame’ List, a search tool where people engaging the property market can research disciplinary action taken against licenced property agents.

To access the Name and Shame list, visit https://www.nsw.gov.au/departments-and-agencies/fair-trading/how-we-regulate/name-and-shame-register.

Please attribute to NSW Fair Trading Commissioner, Natasha Mann:

"NSW Fair Trading has taken disciplinary action against more than 50 real estate agents in the last 12 months, suspending and disqualifying licences to protect consumers. This has included for misappropriation of trust accounts, price misrepresentations including underquoting, and failure to submit trust accounts.

"NSW Fair Trading's Strata and Property Taskforce is continuing to build a proactive regulatory presence across the industry by undertaking ongoing random and targeted unannounced audits to ensure agents are meeting their obligations."

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