ASIC has issued Federal Court proceedings alleging Monica Kaur and MKS Property Investments/Developments Pty Ltd (MKS Property) operated an unregistered managed investment scheme (unregistered MIS) and provided unlicensed financial advice to consumers.
The action follows ASIC obtaining interim travel restraint and asset freezing orders in previously issued proceedings against Ms Kaur, MKS Property director Sadu Singh and MKS Property, as well as Paradise Property Group Pty Ltd, Melvin Paul Singh and Stephanie Lee (20-341MR).
ASIC alleges that between at least 1 March 2017 and 16 December 2020, Ms 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 is seeking winding up and disqualification orders and the appointment of liquidators and receivers to secure assets of the alleged scheme.
These proceedings form part of ASIC's work to protect consumers and take enforcement action where we suspect unlicensed financial advice.
The matter has been adjourned to 25 August 2021.
ASIC's investigation continues.
