ASIC has 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.
The Federal Court’s orders made on 15 September 2026, follow an ex parte application by ASIC to safeguard the interests of investors.
ASIC's investigation into the matter concerns an investment scheme operated by SIGA and associated with the Lake Narracan Resort development in Victoria.
In his reasons, Justice Anderson found there were reasonable grounds to suspect contraventions of the Corporations Act and ASIC Act and that it was necessary to make orders to protect the interests of investors in the scheme. The Court accepted ASIC's submission that interim orders were required to preserve assets and maintain the status quo while ASIC's investigation continues.
The Court made orders restraining SIGA, Gondal and Mr Ahmad from dealing with or dissipating assets, subject to limited exceptions. The Court also made disclosure orders requiring information about assets and liabilities to be provided. Further, the Court ordered that Mr Ahmad be restrained from leaving Australia if he returns to Australia.
The Court has listed the matter for a further hearing on 23 September 2026, when it will consider whether the interim orders should continue and/or whether additional relief, including the appointment of receivers, should be granted.
The Court's findings at this stage relate to the making of interim protective orders. Mr Ahmad has not yet had an opportunity to respond to ASIC’s application.
ASIC's investigation is continuing. ASIC encourages investors wishing to provide information relevant to its investigation to contact ASIC at Star.Investment.Group.enquiries@asic.gov.au.