ASIC takes property spruiker to court for unlicensed advice

In a statement, ASIC said it had issued Federal Court proceedings alleging Monica Kaur and MKS Property operated an unregistered managed investment scheme and provided unlicensed financial advice to consumers.

The action follows the regulator obtaining asset freezing orders against Ms Kaur, MKS Property and its director, Sadu Singh, in December last year.

“ASIC alleges that between at least 1 March 2017 and 16 December 2020, Ms Kaur and MKS Property encouraged around 300 investors to establish SMSFs and invest in property investments and developments set up by MKS Property,” ASIC said.

“ASIC is seeking winding up and disqualification orders and the appointment of liquidators and receivers to secure assets of the alleged scheme.”

The regulator said its investigation into the company continues, while the matter has been adjourned in court until 25 August.