On 3 December 2020, Mr Mudasir Mohammed Naseeruddin appeared in the Melbourne Magistrates’ Court and was charged with seven counts of dishonest conduct, ASIC said in a public statement.
Mr Naseeruddin was also charged with two counts of failing to exercise his power as a director and discharge his duty in good faith under the Corporations Act, according to ASIC.
ASIC alleges that Mr Naseeruddin dishonestly obtained superannuation funds from investors based on false representations, including representations that the funds would be invested in property development.
ASIC also alleges that Mr 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.
Mr Naseeruddin was a director of two unlicensed financial services businesses, Secure Investments Pty Ltd (Secure Investments) and Aquila Group Pty Ltd (Aquila), which are both in liquidation.
In October, the Federal Court ordered the wind-up of the two firms after determining that Secure Investments and Mr Mudasir Naseeruddin breached the Corporations Act by operating a financial services business without holding an Australian financial services licence.
According to an ASIC statement from late October, Mr Naseeruddin encouraged investors to roll over their superannuation accounts into SMSFs set up by an associate of Mr Naseeruddin. ASIC alleges that investor funds were then transferred via a cash management account to Secure Investments.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions after a referral from ASIC.
The matter was adjourned to the Melbourne Magistrates’ Court for committal mention hearing on 6 April 2021.
The most surprising bit is ASIC not referring to him as a ‘Financial Adviser’ as they usually do, even when those individuals are not a licensed Financial Adviser.