A group of more than 20 investors are exploring whether they have a legal case against ANZ and another financial services firm over $9 million lost in an apparent Ponzi scheme.
In documents filed with the New South Wales Supreme Court, 25 investors are seeking an order that ANZ give preliminary discovery to the investors to assist them in ascertaining whether they have a claim against ANZ or firm Strategic Alternative Investments (SAI), trading as SAI Finance.
Through SAI Finance representative Krishnan Rasaratnam, investors were offered the opportunity to make high returns of 20 per cent per month by engaging in foreign exchange dealings with the benefit of guaranteed capital protection, the documents said.
Investors made their payments into one of a number of ANZ bank accounts, which were in names that did not correspond with the account names nominated by the investors when they remitted funds, the documents said.
At least one of the accounts is said to be in the name of Rasaratnam, with another said to be in the name of his brother and former Professional Investment Services adviser Manickan Rasaratnam, they said.
The investors are claiming relief against ANZ on four bases: for misapplication of trust assets, for breach of a duty of care, for money had and received, and through SAI Finance for breach of contract or negligence, the court documents said.
According to Justice McDougall, the investors have discharged the burden of showing that they may be entitled to make a claim for relief against ANZ based on misapplication of trust assets, breach of duty of care, and money had and received.
However, McDougall did not believe there was a case for the investors to claim for relief against ANZ through SAI for breach of contract.
“The plaintiffs are entitled to preliminary discovery from ANZ, to the extent or with the limitations that I have indicated,” McDougall said.
The matter will return to court on 29 July.
