Court traces funds in world’s largest Ponzi scheme from India to Australia

The Federal Court of Australia has found that funds raised from more than 58 million investors in India through a Ponzi scheme were transferred to Australia, in breach of trust, invested in a Gold Coast resort and other property, and the net proceeds were held on trust for the investors.  These findings were made in the reasons published by Justice Lee in Kadam v MiiResorts Group 1 Pty Ltd (No 5) [2018] FCA 1086, relying on the expert evidence adduced on behalf of the Securities and Exchange Board of India (SEBI).  At the trial, Thomas Bradley QC appeared for SEBI, leading Michael Hodge QC and Julia O’Connor of Counsel, instructed by Liam Prescott of DLA Piper Australia.  Damien O’Brien QC appeared for MiiResorts 1 Pty Ltd, instructed by Tucker & Cowen Solicitors.

Thomas Bradley QC

Damien O’Brien QC

North Quarter Lane Chambers is one of the largest and most experienced commercial barristers' chambers in Queensland.

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