On 3 December 2020, Mr Mudasir Mohammed Naseeruddin (commonly referred to as Naseer or Mudasir) appeared in the Melbourne Magistrates Court charged with seven counts of dishonest conduct.

Mr Naseeruddin was also charged with two counts of failing to exercise his power as a director and discharge his duty in good faith under the Corporations Act.

ASIC alleges that Mr Naseeruddin dishonestly obtained superannuation funds from investors based on false representations, including representations that the funds would be invested in property development. Mr Naseeruddin was a director of Secure Investments Pty Ltd (Secure Investments) and Aquila Group Pty Ltd (Aquila) (both in liquidation).

ASIC also alleges that Mr Naseeruddin misused his position as a director of Secure Investments for his own benefit by using funds invested with the company to purchase shares for himself in a security company.

Each offence currently carries a maximum penalty of up to 15 years imprisonment.

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions after a referral from ASIC.

The matter was adjourned to the Melbourne Magistrates’ Court for committal mention hearing on 6 April 2021.

Background

In May 2020, ASIC commenced civil proceedings and obtained urgent interim orders in the Federal Court against Mr Naseeruddin, Secure Investments and Aquila due to concerns of misleading and deceptive conduct and the operation of an illegal managed investment scheme (20-108MR).

In October 2020, ASIC obtained orders to wind up Secure Investments and Aquila and declarations that Mr Naseeruddin had operated a financial services business without the appropriate licence (20-257MR).

Editor's note:

On 1 April 2021, the committal mention hearing set down for 6 April 2021 was adjourned until 26 May 2021.

Editor's note 2:

At the committal mention on 26 May 2021, the matter was listed for a committal hearing on 16 and 17 December 2021.

Editor's note 3:

The committal hearing scheduled for 16 and 17 December 2021 did not proceed. The committal hearing has been rescheduled to 25-26 August 2022, with a committal mention listed for 19 July 2022.

Editor's note 4:

The committal mention on 19 July 2022 was vacated and the matter will proceed to the committal hearing on 25-26 August 2022.

Editor's note 5:

On 26 August 2022, following the committal hearing before the Melbourne Magistrates Court, Mr Naseeruddin was committed to stand trial on 8 counts of dishonest conduct and 2 counts of failing to exercise his power as a director and discharge his duty in good faith under the Corporations Act. Mr Naseeruddin’s trial will be heard before the County Court on a date to be fixed. The matter has been listed in the County Court of Victoria for a first directions hearing on 26 September 2022.

Editor’s Note 6:

On 26 September 2022, the matter was listed for a directions hearing on 29 November 2022.

Editor’s Note 7:

On 29 November 2022, the matter was listed for a directions hearing on 16 December 2022.

Editor’s note 8:

On 16 December 2022, the matter was set down for a three week trial commencing on 4 September 2023. The matter will return to court on 13 April 2023 for a further directions hearing, with a final directions hearing set for 14 July 2023.

Editor's note 9:

On 13 April 2023, the matter was listed for a further directions hearing on 2 May 2023.

Editor's note 10:

On 2 May 2023, the matter was listed for a further directions hearing on 25 May 2023.

Editor's note 11:

On 25 May 2023, the matter was listed for a further directions hearing on 15 June 2023.

Editor's note 12:

On 15 June 2023, the matter was listed for a final directions hearing on 14 July 2023.

Editor’s Note 13:

On 6 July 2023, the final directions hearing was adjourned until 3 August 2023.