A class action and related proceeding by the Securities and Exchange Board of India, in which relief was sought on behalf of investors in a large “Ponzi” scheme operated in the Republic of India.
The investors sought to trace their pooled funds from India, where they had been invested in an Indian “collective investment scheme”, to Australia, where they had been applied, in breach of trust, to fund the purchase (and eventual sale) of the Sheraton Mirage resort on the Gold Coast. The proceeding concerned the residue of the proceeds of the sale.
Michael Hodge QC (with T Bradley QC and J O’Connor) appeared for the Applicant, instructed by DLA Piper.
The judgment is published here.