This was an interlocutory application in a closed class representative proceeding.
The applicants contend they represent a community action group of 46,000 Indian investors. That group (they say) is a subset of a group of some 58.5 million people who invested more than $9 billion in a Ponzi scheme in India, which masqueraded as a collective investment scheme constituted for development of land.
Part of their case involves an allegation that funds from the alleged Ponzi scheme were traceably used in the purchase of properties by the first respondent, MiiResorts Group 1 Pty Ltd, including the Sheraton Mirage Resort at the Gold Coast, which it still owns.
The application was brought by the Securities and Exchange Board of India, which sought to be joined as an applicant in the proceeding.
Shane Monks appeared for the applicants (led by C Kenny QC), instructed by Shine Lawyers.
Matthew Hickey appeared for the first respondent (led by Savage QC) , instructed by Tucker & Cowen.
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