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Court freeze on alleged land banking

Jan 03, 2019 - Australian Financial Review

The Federal Court of Australia has frozen a suspected land banking scheme in Melbourne that raised more than $10 million from investors, after an application by the Australian Securities and Investments Commission.

The scheme, operated by Broadmeadows-based Askk Investment Group, sought to raise money for a site known as Lot 2, 615 Hume Highway Beveridge, about 50 kilometres from Melbourne.

ASIC said it was concerned Askk may be operating an unregistered managed investment scheme; ma...