Unlicensed foreign exchange trader Daniel Farook Ali has faced the Brisbane Magistrates Court charged with eight counts of fraud totalling $977,000, after being extradited from Poland and arrested following an ASIC investigation.
ASIC alleges that between May 2016 and November 2017, Mr Ali dishonestly used funds provided to him by investors for trading and investment purposes for unauthorised purposes, including to buy real estate and luxury cars for his family members and related companies, and to pay returns to other investors.
ASIC alleges that, in some cases, the funds provided to Mr Ali by investors had come from investors’ self-managed superannuation accounts.
Mr Ali departed Australia on 8 May 2018, in the midst of ongoing civil proceedings commenced by ASIC against him and during an ongoing ASIC investigation into his conduct. Following an application by ASIC, a warrant for Mr Ali’s arrest was issued by a Queensland magistrate in December 2020, before Mr Ali was arrested in Poland in November 2021.
Following Australia’s request to Poland for Mr Ali’s extradition, the Polish Government granted his extradition in July 2022 after Mr Ali consented to being extradited.
ASIC acknowledges the assistance of the Australian Federal Police’s Fugitive Apprehension Strike Team, the Commonwealth Attorney-General’s Department, the Commonwealth Director of Public Prosecutions (CDPP) and Polish authorities in relation to Mr Ali’s extradition.
Mr Ali appeared in Brisbane Magistrates Court on 18 August 2022 and was remanded in custody to appear again on 2 September 2022.
The matter is being prosecuted by the CDPP following the referral of a brief of evidence from ASIC.
Editor's note:
The matter was mentioned in the Brisbane Magistrates Court on 2 September 2022 and adjourned to 16 September 2022 for further mention.
Editor's note 2:
The matter was mentioned in the Brisbane Magistrates Court on 16 September 2022. It was adjourned to 21 October 2022 for further mention.
Editor's note 3:
The matter was mentioned in the Brisbane Magistrates Court on 21 October 2022. It was adjourned to 18 November 2022 for further mention.
Editor's note 4:
The matter was mentioned in the Brisbane Magistrates Court on 18 November 2022 and adjourned to 20 January 2023 for further mention.
Editor's note 5:
The matter was mentioned in the Brisbane Magistrates Court on 20 January 2023 and adjourned to 17 February 2023 for further mention.
Mr Ali’s bail application will be heard in the Queensland Supreme Court on 3 February 2023.
Editor's note 6:
On 3 February 2023, the Queensland Supreme Court adjourned Mr Ali’s bail application to a date to be fixed.
Editor's note 7:
The matter was mentioned in the Brisbane Magistrates Court on 17 February 2023 and adjourned to 21 April 2023 for further mention.
Editor's note 8:
The matter was mentioned in the Brisbane Magistrates Court on 21 April 2023 and adjourned to 19 May 2023 for further mention.
Editor's note 9:
Mr Ali’s bail application will be heard in the Queensland Supreme Court on 24 May 2023.
Editor's note 10:
The matter was mentioned in the Brisbane Magistrates Court on 19 May 2023 and adjourned to 16 June 2023 for further mention.
Editor's note 11:
On 24 May 2023, Mr Ali applied for bail in the Supreme Court of Queensland. The Court delivered its decision on 26 May 2023, refusing Mr Ali’s application for bail on the grounds that there is an unacceptable risk that if released on bail, Mr Ali would fail to appear in court or would commit an offence. Mr Ali therefore remains in custody.
Editor's note 12:
On 16 June 2023, the matter was adjourned for further mention to 21 July 2023 for registry committal paperwork to be processed.
Editor's note 13:
On 17 July 2023, Mr Ali was committed to stand trial in the Brisbane District Court, on a date to be fixed. The mention listed for 21 July 2023 was vacated.
Editor's note 14:
On 9 January 2024 the indictment was presented against Mr Ali. The matter was adjourned to 30 January 2024 for mention.
Editor's note 15:
On 30 January 2024, the matter was adjourned to 27 February 2024 for further mention.
Editor's note 16:
The mention listed for 27 February 2024 was adjourned to 25 March 2024.
Editor's note 17:
Mr Ali’s application for bail will be heard in the Brisbane District Court on 22 March 2024.
Editor's note 18:
On 22 March 2024, Mr Ali applied for bail in the District Court of Queensland. The Court refused to grant bail as there is an unacceptable risk that if released on bail, Mr Ali would fail to appear in court. Mr Ali therefore remains in custody. The mention listed for 25 March 2024 was vacated and relisted for 22 April 2024.