An REA spokesperson said the authority was considering whether the licence of any company officers connected with a company that had been placed into liquidation should be renewed.
“REA’s enquiries with respect to the individuals connected with Hills Real Estate are ongoing. We are not able to make any further comments on this matter out of consideration for the parties involved.”
Meanwhile, Prakash could still operate as a salesperson and carry out real estate agency work for or on behalf of a licenced agent until the outcome of the renewal application had been determined.
Prakash confirmed to OneRoof that his licence was still active, but he did not respond to further questions, specifically whether he had applied to renew it and why the expiry date had not been updated.
Shavin Real Estate owner Shavin Lal said his company looked into Prakash’s licence status after being approached by OneRoof and had received confirmation from the REA that Prakash’s licence was still active.
“He can still sell properties,” Lal responded in a text message.
A property listed with Shavin Real Estate which was previously listed on the Hills Real Estate site.
As part of the annual process to renew a licence, the applicant must declare they are still a “fit and proper” person to hold a licence.
The fit and proper guidelines listed on the REA website cover a range of factors, including whether the person’s right of practice as a real estate licensee has been cancelled or suspended in New Zealand or another country, and whether they are of “good character”.
An applicant must also state whether they have any unsatisfied judgments in court, any adverse findings made against them by a court in civil proceedings, or any significant financial issues, such as bankruptcy.
The REA’s concerns relating to whether Prakash’s licence should be renewed appear to centre around his involvement in a company that has been liquidated.
Shavin Real Estate is the second agency Prakash has rebranded with in recent weeks. Shortly before Hills was liquidated, the Herald reported that 11 of the agency’s staff were working for Wallace Real Estate and selling homes previously listed with Hills.
A property listed with Shavin Real Estate which was previously listed on the Hills Real Estate site.
However, the relationship was short-lived after Wallace Real Estate chief executive Luke Nutting learnt about the tax allegations.
Nutting told the Herald he took the allegations “extremely seriously” and was “disappointed” to only recently learn about the severity of the situation.
“Staff recently hired by our business who have been implicated in the IRD’s ongoing investigation are no longer working at Wallace Real Estate,” he said earlier this month.
Within 10 days of parting ways with Wallace Real Estate, Prakash had landed a new role as a salesperson at Shavin Real Estate.
Of the 22 properties currently listed for sale with Shavin Real Estate, six were previously listed with Prakash when he was at Hills and during his short stint at Wallace Real Estate.
Rickhil Prakash, director of Hills Real Estate and previously named as one of New Zealand’s biggest property traders.
Lal confirmed that every salesperson was required to bring listings with them.
“[The] Office does its AML checks and lists the properties. That’s the process.”
Prakash, who is marketing himself under the name Rick Prakash, has also been joined by fellow Hills Real Estate colleague Vashneel Prasad, who has also been linked to the tax investigation.
Prakash, the sole director of Hills Real Estate, was once revealed as one of the country’s biggest flippers.
The Herald previously reported that Prakash and traders linked to his company had flipped 71 properties between 2021 and 2024. The group spent $54m buying the homes before on-selling them for almost $60m, with some of the transactions taking place on the same day.
Five companies now in liquidation
Companies Office documents show IRD has been in pursuit of money from companies linked to Prakash since at least 2024.
According to liquidation reports, three companies under Prakash’s directorship had gone into liquidation owing a combined $16.3m.
That included New Zealand and Auckland Developments, formerly known as NZ Homes 2024, listed as owing $8.9m, Akrish Properties owing $4.2m, and RN Properties owing $3.3m.
Hills Real Estate is the fourth company to be liquidated. The amount owed to creditors is yet to be determined.
Vashneel Prasad was also involved in Prakash’s property trading network.
He served as sole director of Babasiga Homes, a company that went into liquidation in November allegedly owing $10.95m.
The reports state more than $22m of the $28m claimed by creditors was owed to IRD.
The other about $5.8m was allegedly owed to other secured and unsecured creditors, although liquidator Craig Sanson, from PwC, said the amount owed had since been reduced by the sale of some company-owned properties.
IRD’s successful application to liquidate Hills Real Estate is the latest in a series of troubles besetting the traders.
A liquidator’s report shows a court earlier granted asset freezing orders against Prakash. Liquidators had also been investigating potential overdrawn shareholder accounts and potential breaches of director duties.
After two November company liquidations, at least two homes owned by the trading team were also put up for forced mortgagee sales.
The first home at 53 Burundi Ave Clendon Park that had been owned by property traders Hills Real Estate and was repossessed by lenders sold at auction earlier this month. Photo / Supplied