Thousands of pages of court documents, financial records and interviews have revealed the inner workings of an ambitious and ultimately collapsed $245 million plan to build a 1000-home Muslim residential development on Melbourne’s northern fringe.
At the centre of the proposed Beveridge project were Preston Mosque Sheik Ahmad Ayad and fugitive underworld figure Samir Chaarani — both alleged by authorities to have links to the criminal network associated with convicted murderer and drug trafficker George Marrogi.
Authorities believe that, had the development proceeded, it may have been used to launder tens of millions of dollars in criminal proceeds.
The Beveridge farm deal
The project centred on a 250-hectare farm owned by elderly widow Dulcie Mooney, located beside the Hume Highway at Beveridge.
In February 2017, the farm was sold to a company called Old Hume for $44 million — a price reportedly well above other offers, which were said to be closer to $30 million.
Within months, a newly formed entity, ASKK Investment Group — directed by Sheik Ayad — agreed to purchase the property for $65 million, representing a $21 million markup in a short period.
ASKK’s name was derived from the first initials of Ahmad, Samir, Khodar and Khaled — the four men present at an early meeting discussing the development concept.
Although Chaarani was reportedly bankrupt and not formally listed as a director or shareholder, documents show he played a key role in negotiations and provided an $80,000 loan to Ayad to help launch the project.
That loan was later repaid to a third party under circumstances that remain unclear.
The development vision
According to a 900-page Federal Court affidavit, Sheik Ayad framed the project as a community-driven initiative to provide affordable housing for Muslim families.
He proposed subdividing the land into at least 1000 residential lots. Promotional material suggested the estate would include a mosque, Islamic school, shopping centre, sporting facilities and other amenities.
However, subdivision plans had not yet been approved by the state government when Ayad began marketing the lots.
Investors were recruited as “joint venture partners” rather than individual land purchasers and were required to sign complex agreements.
Mitchell Shire Council planning officials later described it as misleading to market the land before critical infrastructure planning decisions — including roads, schools and public facilities — had been finalised.
Investor demand and financial irregularities
Despite planning uncertainties, demand was strong.
Bank records show more than 300 buyers committed funds in the initial weeks, with some deposits reportedly paid in large cash sums handed directly to Ayad.
Law enforcement sources have since raised concerns over poorly documented cash flows connected to the scheme.
Authorities have also examined potential links between individuals involved in the development and business interests in construction supply chains.
Collapse and regulatory intervention
The scheme ultimately collapsed after intervention by the Australian Securities and Investments Commission (ASIC).
Ayad unsuccessfully challenged ASIC’s actions in court.
He is now embroiled in extensive asset restraint proceedings led by Victorian and Federal Police, who have frozen millions of dollars in property and business interests connected to him and associates.
Meanwhile, Samir Chaarani returned to Lebanon — which does not extradite its citizens — following the arrest of George Marrogi inside Barwon Prison.
Ongoing legal proceedings
Sheik Ayad denies wrongdoing and has defended allegations that he handled criminal funds.
Legal proceedings related to alleged money laundering remain before Victoria’s Magistrates’ Court and are not expected to reach trial for several years.
Authorities continue to investigate the broader financial networks allegedly linked to the Notorious Crime Family.
