ASIC v Star Investment Group Australia Pty Ltd

On 15 September 2026 the Federal Court made interim orders against Star Investment Group Australia Pty Ltd, Gondal Holdings Pty Ltd and their director, Ijaz Ahmad, on an ex parte application by ASIC. Justice Anderson found reasonable grounds to suspect contraventions of the Corporations Act and the ASIC Act and ordered that it was necessary to protect investors while ASIC's investigation continues.

The companies had raised about 19.1 million dollars from around 111 investors through instruments described as promissory or convertible notes, to fund a proposed resort development at Yallourn in Victoria's Latrobe Valley. ASIC's evidence pointed to incomplete financial records, transfers of investor funds overseas including to Pakistan, an absence of registered security over the development land despite purported security arrangements, and bank accounts with low balances that were later closed.

The Court restrained the defendants from dealing with or dissipating their property, ordered disclosure of assets and liabilities, and restrained Mr Ahmad from leaving Australia if he returns. A bona fide sale of the development land was not prevented, provided proceeds are preserved. The matter was listed for a further hearing, at which ASIC sought and the Court later granted the appointment of receivers over the companies' and Mr Ahmad's property.

At this stage the findings relate only to the making of interim protective orders. The defendants had not appeared or had an opportunity to respond when the orders were made, and no findings of contravention have been determined on a final basis.