The interim orders by the Federal Court restrain Askk from dealing with funds in their bank accounts in relation to a suspected land banking scheme. Askk is also restrained from selling or otherwise dealing in the property which is the subject of the land banking scheme.
ASIC suspects that since October 2017, Askk has raised in excess of $10 million dollars from more than 270 investors in relation the land, and since this time, investors have been making ongoing payments in respect of their investment.
“ASIC’s investigation is ongoing. The freezing orders remain in place until the next hearing date on 8 February 2019,” ASIC said.
The corporate watchdog has been cracking down on land banking schemes in recent years which typically prey on unsuspecting investors by promising high returns on vacant rural land that could be rezoned for housing.
Earlier this year, ASIC sought to wind up two landbanking schemes in Melbourne and Bendigo operated by Michael Grochowski and Ian Edward Stephen that raked in more than $15 million from unsophisticated investors. ASIC also sought to have the two directors banned.
In 2016, ASIC imposed a 10-year corporate ban on property spruiker Jamie McIntyre and his brother Dennis in 2016 in relation to landbanking schemes that raked in millions.
from Viral up Blog http://bit.ly/2V8hJqP
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