On 3 December 2020, Mr Mudasir Mohammed Naseeruddin (commonly referred to as Naseer or Mudasir) appeared in the Melbourne Magistrates Court charged with seven counts of dishonest conduct.
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.
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. Mr Naseeruddin was a director of Secure Investments Pty Ltd (Secure Investments) and Aquila Group Pty Ltd (Aquila) (both in liquidation).
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.
Each offence currently carries a maximum penalty of up to 15 years imprisonment.
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.
Background
In May 2020, ASIC commenced civil proceedings and obtained urgent interim orders in the Federal Court against Mr Naseeruddin, Secure Investments and Aquila due to concerns of misleading and deceptive conduct and the operation of an illegal managed investment scheme (20-108MR).
In October 2020, ASIC obtained orders to wind up Secure Investments and Aquila and declarations that Mr Naseeruddin had operated a financial services business without the appropriate licence (20-257MR).
