The Australian Securities and Investments Commission (ASIC) has terminated the unlicensed activities of financial services company A One Multi Services Pty Ltd on suspicion of engaging in illegal activity. The Federal Court in Queensland has issued a temporary injunction to suspend the activities of A One Multi Services Ltd to protect investors. The company’s director is said to be at the heart of a fraudulent scheme that would force victims to invest their pension in a self-managed superannuation fund (SMSF) and then withdraw the money as a loan from SMSF to A One Multi. ASIC claims that the director has promised an annual return on investment of over 20%.
From the beginning of 2019 to the middle of 2021, more than 60 users have deposited approximately USD25 million in the accounts of A One Multi Services Ltd. According to ASIC, director Aryn Hala has used more than USD5.7 million of A One Multi’s money for personal gain, including more than USD2.4 million to buy crypto assets.