ASIC obtains injunctions on unlicensed schemes

The Australian Securities and Investments Commission (ASIC) has obtained injunctions against two companies and two men retraining them from raising funds in breach of the Corporations Act.

The NSW Supreme Court injunctions have been taken out against Strategic Alternative Investments Pty Ltd and Colombo Business Services Pty Ltd and Krishnan Rasaratnam and Menaka Rasaratnam.

The injunctions involve allegations that approximately 35 Australian and overseas investors paid significant funds into accounts held with the Commonwealth Bank, ANS and HSBC Bank.

Related News:

ASIC has applied to the court for the winding up of Strategic Alternatives Investments.

The regulator said it was concerned that the company, its directors and associates did not hold the necessary Australian Financial Services Licence and that investors were provided with information and assurances that were misleading and deceptive.

ASIC investigations are continuing and the matter will return to the Supreme Court on April 28.

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