A Melbourne property developer has pleaded guilty to two counts of dishonest conduct and two counts of misuse of his position as a director.
Mudasir Mohammed Naseeruddin, former director of Secure Investments and Aquila Group, urged investors to roll over their superannuation monies into newly created self-managed superannuation funds and lend those to his two companies, ASIC reported.
Naseeruddin dishonestly acquired more than $520,000 from six investors between May 13, 2015, and Jan. 6, 2020, on the grounds that the funds would be invested in property developments. However, only a small portion of the funds was invested in this way.
Naseeruddin also dishonestly misused his position as a director of Secure Investments between July 16, 2016, and Dec. 23, 2019, when he withdrew more than $550,000 from the company to buy shares in a security company for his personal gain.
In October 2020, ASIC took civil action and obtained urgent interim orders in the Federal Court against Naseeruddin due to concerns of misleading and deceptive conduct and the operation of a financial services business without the appropriate licence.
Naseeruddin was arrested in December 2020 and charged with dishonest conduct and misuse of his position as a director.
Naseeruddin’s case is being prosecuted by the Commonwealth Director of Public Prosecutions following an investigation and referral by ASIC, with the matter to return to court on Dec. 6 for a plea hearing.
