ASIC secures court orders against questionable investment scheme

ASIC has secured interim asset preservation and travel restraint orders against Star Investment Group Australia (SIGA) and Gondal Holdings, and the director of both entities Ijaz Ahmad, following investigations into its managed investment scheme.

ASIC filed an ex parte application to the Federal Court after concerns were raised with an investment scheme operated by SIGA and associated with the Lake Narracan Resort development in Victoria.

According to SIGA's website, the firm has "exclusive access" to invest in the project, which completed its fundraising as at 17 December 2025.

Following the application, the court found there were "reasonable grounds" to suspect contraventions of the Corporations Act and ASIC Act, making orders on 15 September 2026 to protect the investors' funds in the scheme.

The court also made orders freezing SIGA, Gondal and Ahmad's assets, subject to limited exceptions, and required information about assets and liabilities to be provided.

Further, the court ordered that Ahmad be restrained from leaving the country if he returns to Australia.

The court's findings at this stage relate to the making of interim protective orders and Ahmad has not yet had an opportunity to respond, ASIC said.

The court will consider whether the interim orders should continue and whether additional relief, including the appointment of receivers, should be granted at a future hearing listed on September 23.

ASIC's investigation is continuing.

SIGA's website claims that as of November 2025, $1.9 million in returns have been achieved per year for some 111 investors.

The next returns announcement is scheduled for September 30, with the website stating a total investment figure of $19.1 million has been achieved thus far.

The minimum investment for the scheme was $100,000, with multiple options, up to $1 million, ranging from two- to five-year terms. Investors were advised they would receive "fixed monthly income from 12% p.a. for two, three, or five-year term + 10% capital growth", and were paid on the first day of every month.

ASIC's announcement follows a similar order to protect assets against New South Wales accountant and former solicitor Christopher Edwards, who purportedly changed the trustee for the Deckchair Trust from Great Northern Morayfield to himself after orders to wind up the trust.

Last year, the court also ordered to freeze the assets of First Mutual Private Equity (FMPE) and its sole director Gregory Raymond Cotton, with concerned of more than $50 million was at risk.

The number has more than doubled to over $130 million when the managed investment scheme was ordered to be wound up after Cotton was found to have used investors funds for personal reasons, including gambling.