Police to investigate secret report into Lion Property Group's 'blatant scam'
API MAGAZINE EXCLUSIVE: The case against a failed property developer that lost more than $120 million of investors' money has now been escalated to a police investigation, with the company directors ordered to hand over computers, passwords, emails and more.
The latest investigations into Lion Property Group support claims the failed enterprise had been operating as a Ponzi scheme. (Image source: API Magazine, Lion Property Group website & Shutterstock.com)
Victorian Police will be handed a secret report into the $120 million collapse of luxury developer Lion Property Group, after it was wound up in court.
The move comes as lawyers for burned investors have labelled it a “blatant financial scam”, and lashed out at corporate regulator, the Australian Security and Investment Commission (ASIC), over its failure to act.
Michael Landy, Principal, Eagle Financial Solutions, is representing the group of …
