The Australian Securities and Investments Commission has secured Federal Court orders preserving assets held by Star Investment Group Australia Pty Ltd, Gondal Holdings Pty Ltd and their director, Ijaz Ahmad, while it investigates an investment scheme associated with Victoria’s Lake Narracan Resort development. The interim orders restrict the parties from dealing with or dissipating assets, subject to limited exceptions, and require disclosure of their assets and liabilities. Ahmad is also prohibited from leaving Australia if he returns to the country. The court found reasonable grounds to suspect contraventions of the Corporations Act and Australian Securities and Investments Commission Act and considered the protections necessary to safeguard investors and maintain the status quo. These findings relate only to interim protective measures, and Ahmad has not yet had an opportunity to respond to the application. At a further hearing on Sept. 23, 2026, the court will consider whether to extend the orders or grant additional relief, including appointing receivers.
2026-09-18Australian Securities & Investments Commission
Australian Securities and Investments Commission secures interim asset preservation and travel restraint orders over Star Investment Group scheme
The Australian Securities and Investments Commission has secured interim court orders restricting Star Investment Group Australia, Gondal Holdings and director Ijaz Ahmad from dissipating assets during an investigation into an investment scheme linked to the Lake Narracan Resort development. The court will consider on Sept. 23, 2026, whether to continue the orders or grant further relief, including appointing receivers.