By LIAM DURKIN

 

WHO knew the Moe beach was worth so much.

More than 100 investors, chipping in a minimum $100,000 each to raise nearly $30m, are now potentially out of pocket after backing the Lake Narracan Resort scheme.

The project, considered by many locals to be a sham from the start, looks to be as frozen as the icy water that greets local footballers who dip their toes into the lake on early Sunday morning recovery sessions during winter.

No local real estate agents have land for the Lake Narracan Resort on their listings.

Receivers have been appointed to try and locate the missing millions, after its cowboy developer, Ijaz Ahmad fled overseas.

The developer is not to be confused with his namesake, the former Pakistani Test cricketer (same name, different spelling).

Border Force records show Mr Ahmad left Australia for Pakistan in April last year. A federal court judge has placed strict travel and spending caps ($1000 a week) on Mr Ahmad should he return to Australia. He will not be permitted to leave the country if he does come back.

Justice Anderson found there was 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 Narracan Resort scheme.

ASIC secured interim asset preservation and travel restraint orders against Mr Ahmad’s companies Star Investment Group Australia Pty Ltd (SIGA) and Gondal Holdings Pty Ltd (Gondal).

Justice Anderson has placed the groups into the hands of RSM Australia Partners and receivers Hunter and Jonathon Colbran.

The receivers have 42 days to try and get as much money back as possible.

Investors stand to lose thousands, as ASIC banking analysis shows $7.4m has been wired overseas, leaving a balance of just $25,000 across SIGA and Gondal.

It is alleged investors were sold a dream of buying into the waterfront resort, with promises of more than 10 per cent returns. Instead, that money has been used to pay off interest in a separate scheme.

The Herald Sun reported Gondal never registered a mortgage to back SIGA investors, leaving clients unsecured while heaping $3.6m in extra mortgages before defaulting.

The federal court’s orders were made on September 15, following an ex-parte application by ASIC to safeguard the interests of investors.

The Lake Narracan Resort website is still active, and features drone footage of the nearby Moe Golf Club and surrounds.

Land packages are listed from $374,000.

Perhaps showing just how ridiculous the whole scheme is, the website spruiks “We truly believe that Lake Narracan is the best waterfront location in Gippsland, Victoria”.

When you have Lakes Entrance, Phillip Island or Inverloch in Gippsland, even the most one-eyed Moe supporter would have to concede, if you are after a waterfront home, Lake Narracan isn’t high on the list.

Those same Moe supporters would surely laugh when looking at certain sections on the Lake Narracan Resort website.

The lake itself is presented as a bustling dock full of pontoons tied to multiple jetties. The restaurants and cafe’s section features a host of generic photos that are in no way linked to the local establishments they are trying to advertise. Leggies for example, is pictured as a Michelin star restaurant. You’d have more chance of selling sand to the Arabs than ever changing Leggies (even though it no longer has a TAB).

ASIC is encouraging investors wishing to provide information relevant to its investigation to email: Star.Investment.Group.enquiries@asic.gov.au