In a public statement, ASIC said it has commenced civil proceedings and obtained urgent interim orders in the Federal Court against Ms Monica Kaur, MKS Property Investments/Developments Pty Ltd (MKS Property), Paradise Property Group Pty Ltd (Paradise Property) as well as against Mr Sadu Singh, Mr Melvin Paul Singh and Ms Stephanie Lee.
ASIC raised concerns that Ms Kaur may be allegedly providing unlicensed financial advice services and that she, together with the defendants, are involved in promoting and operating an unregistered managed investment scheme.
On 16 December 2020, ASIC obtained urgent interim orders restraining the defendants from removing their assets from Australia, disposing of their property, and freezing monies in their bank accounts and preventing Ms Kaur, Mr Singh and Mr Melvin Singh from leaving Australia.
ASIC alleges the defendants raised at least $11.3 million from around 300 investors during the period 1 March 2017 to 22 September 2020 through MKS Property.
“It is alleged that investors were encouraged to establish a self-managed superannuation fund (SMSF) and invest part or all of their SMSFs or other funds into property investments and developments set up by MKS Property and/or Paradise Property,” the Corporate Regulator stated.
“These funds would be pooled together to invest in property development.”
ASIC also alleges the defendants used investor funds, at least in part, for their own personal use and to pay returns to investors.
On 17 December 2020, ASIC, with the assistance of the AFP, executed search warrants on a residential premise and business premises.
On 22 December 2020, the parties agreed that the asset and travel restraint orders regarding the defendants should continue with slight variation until further order of the Court. The matter is next in Court on a date to be fixed.
ASIC’s investigation is continuing.
As a result of their advice I lost 150k. I was very angry. I fell into their story of investing, trusted them.
They are crooks, deceitful, people who were only interested in financing their own pockets.
I was glad I pulled out and got nearly my initial investment back.
Monica then wanted me to reinvest with building a/or properties through the NDIS scheme.
I had no hesitation in telling here where to go!! That I would never deal with her again.
The drama I had when getting my SMSF audited and finally closed was extremely stressful not to mention the loss within my fund.. Heart rendering .
Only another 1,000 to go.
ASIC is a speed demon. The crooks started in 2017, and at the end of 2020 the regulator wakes up.
Pathetic