Qartaba’s ‘defrosted’ properties hit the market amid travel bans, criminal allegations
A court has lifted a freezing order over properties belonging to the families of directors of disgraced development firm Qartaba, with the homes quickly put up for sale.
A court has lifted a freezing order over a sprawl of lavish properties belonging to the families of the directors of disgraced development firm Qartaba, with multimillion-dollar homes since put up for sale amid a travel ban and possible criminal charges.
The Australian has covered since mid-2024 the long-running collapse of “sharia-compliant” Qartaba Homes, which devastated hundreds of customers – many targeted because of their Islamic faith – and left scores out of pocket.
Customers told The Australian previously of the “devastation” caused by the firm and its scheme, which in turn revealed how a freezing order had been made against 20 lavish properties belonging to the families of directors Wajahat Rana, Khasif Aziz and Khurram Jawaid.
Earlier this month, that order was lifted, with some of those once-frozen properties quickly going on to the market, which included an estimated $4m country family home in Sydney’s northwest Dural, belonging to Mr Jawaid’s wife but which is that family’s main home, and a $1m four-bedroom home developed by Qartaba but owned by Mr Aziz’s spouse.
The Dural property comes equipped with a “resort-style in-ground pool and championship-sized tennis court complete with floodlights” and remains on the market for “negotiation”.
The apparent sell-off has frustrated customers, who have long alleged that the properties should be frozen to ensure any generated income went towards paying back Qartaba’s creditors.
Nazim Chaudhry, who paid $145,000 for land and development at Qartaba’s Mount Cottrell project, called for urgent action to support fellow victims and stop directors profiting from assets. “We expect that the liquidator and Australian Securities & Investments Commission expedite their investigations and stop unscrupulous Qartaba directors to cash in any remaining assets,” he said, urging the federal government to strengthen and hurry the regulator.
“It appears to us that it was a deliberate strategy by Qartaba’s directors for many years to buy most of their assets in spouses’ names to keep them out of reach of customers in the event of business failure.”
The Australian understands the initial freezing order was made after some customers sought the ban, but they have had to discontinue it owing to financial and legal concerns.
However, there had been hope and an expectation that Worrells – the liquidator assigned to probe Qartaba’s collapse – would seek a new freezing order, or issue caveats on the properties, but they have not been lodged by the firm.
Worrells had also been seeking financial help to continue its probe into Qartaba and its myriad entities, and had been expected to apply for assistance from ASIC, but that also has not yet been lodged.
It comes amid a development in ASIC’s ongoing probe into Qartaba, with investigators now believing there could be alleged criminal elements of the firm’s and directors’ conduct.
The Australian understands investigators continue probing the firm, directors and its collapse, and believe it could proceed to a possible criminal investigation with the Commonwealth Director of Public Prosecutions set to be engaged.
A “travel ban” has been issued against the two remaining Sydney-based directors, Mr Jawaid and Mr Rana.
In March, one trustee lodged a border alert form with the Australian Federal Police, meaning Mr Jaward and Mr Rana won’t be allowed to leave the country without that firm’s consent, which will likely not be forthcoming.
Mr Aziz left the country with his family at the turn of the year and is understood to now be based in New Zealand.
Nearby residents of Mr Aziz’s former Kenthurst family home said the director uprooted in early January and started renting out the property while putting it on the market despite, sources say, owing one neighbour thousands of dollars for work on a shared fence that he failed to reimburse.
In February, now Attorney-General Michelle Rowland, in her capacity as the member for Greenway, wrote to ASIC demanding it help liquidator Worrells’ probe into Qartaba.
The Australian has covered for a year the demise of Qartaba, whose directors targeted predominantly members from their own community, weaponising Islam and spruiking its development scheme as “sharia-compliant”.
Qartaba would buy land before selling it to customers off the plan per lot. Customers would pay a deposit for the land, before then paying monthly development costs or land payments of about $4000, which would be interest-free.
Customers completed their payments years ago but their lots were never developed or transferred into their names, before the company collapsed under mountains of debt last year.
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