ASIC is investigating Star Investment Group Australia Pty Ltd (SIGA), Gondal Holdings Pty Ltd (Gondal) and their sole director, Ijaz Ahmad (Mr Ahmad).
This webpage provides information about ASIC’s investigation and related court proceedings. ASIC will update this page as significant developments occur.
Key points
- ASIC’s investigation relates to funds raised through investments in SIGA and associated with the Lake Narracan Resort property development in Yallourn, Victoria.
- Gondal owns the Lake Narracan development land.
- ASIC commenced proceedings in the Federal Court seeking:
- interim asset preservation orders
- interim and final travel restraint orders against Mr Ahmad
- disclosure orders concerning assets, liabilities and investor details, and
- final orders for the appointment of receivers to SIGA and Gondal and the property of Mr Ahmad.
- ASIC’s investigation is ongoing.
Information for investors
ASIC will publish updates about the investigation and related court action on this page as the matter progresses. The best way to receive information about ASIC’s investigation is to regularly monitor this webpage. We will share any information that we are able to publicise as the investigation progresses.
Frequently asked questions
Why are SIGA, Gondal and Mr Ahmad being investigated by ASIC?
ASIC’s investigation includes inquiries into:
- the maintenance of financial records
- fundraising by SIGA from investors
- compliance with directors’ duties
- misleading and deceptive conduct, and
- compliance with ASIC requirements to produce information to ASIC.
While ASIC has a strong policy of transparency and we are committed to communicating publicly about our regulatory activities, ASIC cannot comment further on its ongoing investigation. Doing so could compromise the investigation and prejudice potential proceedings.
ASIC is also restricted in what it can say because of its ongoing proceeding in the Federal Court.
ASIC will make information public where appropriate once matters are concluded.
Why has ASIC taken action against SIGA, Gondal and Mr Ahmad?
ASIC has taken action in the Federal Court, please see our filing application VID1070/2026.
ASIC obtained orders to identify, preserve and protect assets that may be available for the benefit of SIGA investors and other aggrieved persons. These include asset preservation orders restricting dealings with assets, including the net proceeds of any sale of the Lake Narracan Resort property.
ASIC also obtained:
- travel restraint orders against Mr Ahmad, and
- disclosure orders requiring information to be provided to the Federal Court about assets, liabilities and investors.
ASIC may in the future seek orders appointing receivers to SIGA and Gondal and to the property of Mr Ahmad, so that we can obtain a clearer picture of the financial position of SIGA and Gondal.
What happens next?
ASIC’s investigation and any related court proceedings are ongoing. The Federal Court will consider ASIC’s application, including whether to appoint receivers to SIGA, Gondal and/or the property of Mr Ahmad.
Please see Updates and Media Releases for updates on our investigation and court proceedings.
I invested in SIGA. What should I do?
If you have invested with SIGA, retain your copies of investment documents, application forms, information memoranda, correspondence and records of payments.
ASIC cannot provide legal or financial advice to investors.
ASIC is subject to legal, regulatory and privacy obligations that limit what it can say about ongoing investigations and individual investments. ASIC is also subject to restrictions limiting its ability to comment on matters before the court.
Investors should consider obtaining independent legal, financial or other professional advice about their individual circumstances. Information about free or low-cost support services is set out below.
I entered into a contract with Gondal to purchase land in the Lake Narracan Resort property development. What should I do?
If you have entered into a contract with Gondal to purchase land in the Lake Narracan Resort property development, retain your copies of contracts, correspondence and records of payments.
ASIC cannot provide legal or financial advice to purchasers.
ASIC is subject to legal, regulatory and privacy obligations that limit what it can say about ongoing investigations and individual purchasers. ASIC is also subject to restrictions limiting its ability to comment on matters before the court.
Purchasers should consider obtaining independent legal, financial or other professional advice about their individual circumstances. Information about free or low-cost support services is set out below.
Will ASIC recover my money?
ASIC’s role is to investigate suspected misconduct and, where appropriate, take enforcement action to protect the public.
ASIC does not hold or manage investor or land purchaser funds. If the Federal Court appoints a receiver, that independent appointee will assess each companies’ affairs and determine what action may be taken in accordance with the law.
Can I contact the ASIC investigation team?
Investors and land purchasers can contact ASIC in relation to the investigation by emailing Star.Investment.Group.enquiries@asic.gov.au.
You may wish to contact ASIC if you think you have information relevant to the investigation, or if you are unsure whether information that you hold may be relevant.
If receivers are appointed to SIGA, Gondal and/or the property of Mr Ahmad, investors and land purchasers should then contact the receivers in the first instance. If receivers are appointed, ASIC will update this webpage with their details.
Can I make a complaint to the Australian Financial Complaints Authority (AFCA)?
AFCA is an independent external dispute resolution service established by the Federal Government, and deals with complaints from customers involving financial services and products.
If you received personal financial advice from a licensed financial adviser in relation to your investment with SIGA, you might be able to make a complaint with AFCA, against that financial adviser.
AFCA can be contacted on 1800 931 678, by email at info@afca.org.au or you can lodge a complaint with AFCA online. The service is free to access. For more information, please refer to ASIC Information Sheet 174 Disputes with Financial Firms (INFO 174).
Additional support
We understand this may be a difficult time for investors. Further support is available if you need it.
Legal advice
You may be able to obtain free independent legal advice from a community legal centre. You can search for your local community legal centre at Legal Help – CLCs Australia.
Justice Connect may be able to link eligible individuals with firms and barristers that may be able to provide pro bono legal advice. Visit Justice Connect for more information.
Financial difficulty
ASIC's Moneysmart.gov.au has resources that may be of assistance in relation to financial counselling services, debt management and emergency assistance.
If you are experiencing financial difficulty, you can speak to an independent financial counsellor for free by contacting the National Debt Helpline (NDH) on 1800 007 007 (9:30am to 4.30pm in your local Australian time zone, Monday to Friday).
Mental health support
If you are seeking support for your own or someone else’s mental health, the following providers can assist:
Lifeline
Lifeline Crisis Support offer phone support via 13 11 14, online chat and text crisis services and crisis information at Lifeline.
Beyond Blue
The Beyond Blue Support Service is available 24/7 for brief counselling. You can call a counsellor on 1300 22 4636 or chat to a counsellor online. They also have a variety of other mental health supports you can access at Beyond Blue 24/7 Support for Anxiety, Depression and Suicide Prevention.
Aboriginal and Torres Strait Islander people
Go to the 13YARN website or call 13 92 76 to talk to an Aboriginal or Torres Strait Islander Crisis Supporter, 24/7.
Mental Health Support via your GP
You can access mental health support by visiting your GP and getting a mental health treatment plan.
Services Australia
Services Australia explains how the Medicare system works in relation to accessing mental health care under the Medicare system.
Australian Psychological Society
Australian Psychological Society provides a listing of Registered Psychologists, including areas of specialty and location.
Psychologists set their own fees so there may also be a gap between what Medicare will pay and what is charged. Some psychologists do not provide a Medicare rebate so it is best to ask about fees prior to your session.
1800Respect
If you are experiencing family violence including economic abuse you can contact the National domestic violence service on 1800 737 732 or go to 1800RESPECT for more information.
Updates and Media Releases
18 September 2026 – ASIC takes action to protect investors in Star Investment Group Australia scheme
On 15 September 2026, ASIC secured interim asset preservation and travel restraint orders against Star Investment Group Australia Pty Ltd (SIGA), Gondal Holdings Pty Ltd (Gondal) and the director of both entities, Ijaz Ahmad (26-219MR).
On 22 September 2026, orders were made for the progression of the proceeding. The hearing on 23 September 2026 was vacated. The proceeding has been listed for a further hearing on 6 October 2026.
