An ASIC investigation into loan fraud has resulted in a permanent ban of former National Australia Bank employees, Danny Merheb and Samar Merjan (also known as Samar Awad) from engaging in credit activities and providing financial services, the regulator said yesterday.ASIC said NAB "alerted ASIC to the misconduct of its former employees, alleging that bank staff in the greater western Sydney area were accepting false documents in support of loan applications."Merheb was found to have recklessly given NAB false pay slips, letters of employment, bank statements and statutory declarations in respect of home loan applications. "Merjan was found to have knowingly and recklessly given NAB false pay slips and letters of employment in respect of personal loan and credit card applications.The false information and documentation submitted by Mr Merheb and Ms Merjan were primarily provided to them by a third person who had no association with NAB."