Federal Court proceedings have commenced against Monica Kaur and MKS Property Investments/Developments, alleging both parties operated an unregistered managed investment scheme (MIS) and provided unlicensed financial advice to consumers.
The action followed the Australian Securities and Investments Commission (ASIC) having obtained interim travel restraint and asset freezing orders in previously issued proceedings against Kaur, MKS Property director Sadu Singh and MKS Property, as well as Paradise Property Group, Melvin Paul Singh and Stephanie Lee.
ASIC alleged between at least 1 March, 2017, and 16 December, 2020, Kaur and MKS Property encouraged around 300 investors to establish self-managed superannuation funds (SMSFs) and invest in property investments and developments set up by MKS Property.
ASIC sought winding up and disqualification orders, and the appointment of liquidators and receivers to secure assets of the alleged scheme.
The matter had been adjourned to 25 August, 2021, and ASIC’s investigation continued.