ASIC Issues Court Actions against Monica Kaur and MKS Property

The Australian Securities and Investment Commission (ASIC) announced that it has issued Federal Court proceedings alleging that Monica Kaur and MKS Property Investments & Developments Pty Ltd (MKS Property) operated an unregistered managed investment scheme (unregistered MIS) and provided unlicensed financial advice to consumers. Monica Kaur serves as Managing Director at MKS Property.

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The action follows ASIC obtaining interim travel restraint and asset freezing orders in previously issued proceedings against Monica Kaur, MKS Property director Sadu Singh and MKS Property.

The Australian regulator alleged that between at least 1 March 2017 and 16 December 2020, Monica Kaur and MKS Property encouraged around 300 investors to establish self-managed superannuation funds (SMSFs) and to invest in property investments and developments set up by MKS Property.

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