Land & CommunitiesClare BurnettThu 24 Sep 26
ASIC Freezes Assets Linked to $140m Victorian Housing Development
The investment group behind a regional Victorian housing development is in ASIC’s crosshairs after an investigation into the funding behind the 325-home estate.
ASIC announced that the Federal Court had frozen the assets of Star Investment Group Australia Pty Ltd, Gondal Holdings Pty Ltd and the director of both entities, Ijaz Ahmad, who was also subject to travel restraint orders.
The company was developing the Lake Narracan Resort, a housing estate in Victoria’s Latrobe Valley, 144km east of the Melbourne CBD.
Lake Narracan Resort is described as an “exclusive waterfront development” with wetlands, parks and walking paths as well as amenities including a medical centre and childcare facility, gym and pool.
A commercial precinct was also being planned for the site, which had an expected $140-million gross development value.
According to Star Investment, its property fund for Lake Narracan Resort has recorded $25 million in pre-sales.
It said that 60 per cent of the project, accounting for stages 1 to 6, was already sold out.
Lots in stages 1 and 2 were being sold for $374,000, with house and land packages also available.
Investment opportunities in Star Investment started at $100,000, promising investors monthly fixed income of up to 12 per cent per annum.
As of November 2025, it had 111 investors and returned $1.9 million to them that year.
Star Investment said it had raised $19.1 million, and required $40 million to finish the project.
The most recent project updates from late 2025 revealed that engineering masterplanning for the site and planning permit amendments to construction designs had been completed.
The next stages were external sewer systems, requiring landowner permission, and water mains pending a vegetation assessment.
But ASIC had been investigating the funding of the project and submitted an application to the Federal Court to safeguard the interests of investors, it said.
Federal Court Justice Stewart Anderson said there were “reasonable grounds” to suspect contraventions of the Corporations and ASIC Acts.
Stewart said it was “necessary to make orders to protect the interests of investors in the scheme”.
The court ordered last week that Star Investment Group, Gondal and Ahmad were banned from dealing with or selling assets, subject to limited exceptions.
There was to be another hearing this week, on September 23, to consider whether the interim orders should continue, and if receivers should be appointed.
However, while the defendant, Ijaz Ahmad, had been sent court documentation via email, the court gave Ahmad extra time to respond. The court adjourned the case until October 6.
According to Star Investment’s website, Ijaz Ahmad has four university degrees in business marketing, Australian immigration law, IT security and Information Systems, and has registered entities in Singapore, Indonesia and Dubai.
It appears that Ahmad is currently not in Australia, as the court said that he would be banned from leaving Australia if he returns to the country.
