Secure Investments and Acquila director arrested

Mudasir Mohammed Naseeruddin Naseer or Mudasir Secure Investments Aquila ASIC

4 December 2020
| By Chris Dastoor |
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Mudasir Mohammed Naseeruddin (commonly referred to as Naseer or Mudasir) has been arrested and charged with dishonest conduct, after dishonestly obtaining superannuation funds from investors based on false representations.

Naseeruddin was a director of Secure Investments Pty Ltd (Secure Investments) and Aquila Group Pty Ltd (Aquila) now both in liquidation after being ordered to wind up in October.

He appeared in the Melbourne Magistrates Court on 3 December, 2020, charged with seven counts of dishonest conduct and two counts of failing to exercise his power as a director and discharge his duty in good faith under the Corporations Act.


In May 2020, ASIC commenced civil proceedings and obtained urgent interim orders in the Federal Court against Naseeruddin, Secure Investments and Aquila due to concerns of misleading and deceptive conduct and the operation of an illegal managed investment scheme.


The Australian Investments and Securities Commission (ASIC) also alleged that Naseeruddin misused his position as a director of Secure Investments for his own benefit by using funds invested with the company to purchase shares for himself in a security company.

Each offence currently carries a maximum penalty of up to 15 years imprisonment and the matter was being prosecuted by the Commonwealth Director of Public Prosecutions after a referral from ASIC.

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