The sole director of a Queensland business has been charged with three counts of fraud, with allegations he made illegal withdrawals from the collapsed firm’s account.
In the Richlands Magistrates Court, ASIC alleged that Farmouz Farhaad Mohammed, also known as Fred Mohammed, caused detriment to his company Crane Trucks R Us by withdrawing company funds for personal gain on three separate occasions.
The allegations follow an investigation by ASIC in conjunction with the business’ liquidators Pearce & Heers Insolvency Accountants.
It is not clear how much was owed to creditors at the time, or the value of the funds that were allegedly withdrawn.
Mr Mohammed did not enter a plea in court, with the matter adjourned until 22 March 2018, when it is scheduled to be heard in the Ipswich Magistrates Court.
Under section 408C(1)(e) of the Criminal Code (Queensland) 1899, under which Mr Mohammed is being prosecuted, it is fraudulent to dishonestly cause detriment, pecuniary or otherwise, to any person.
Adam Zuchetti is the editor of My Business, and has steered the publication’s editorial direction since early 2016.