The multimillion-dollar deal, which promised swift gains over a South East Melbourne Airport landholding project, was floated by 44-year-old finance and investment leader Alande Mustafa Safi in late 2025.
First Class Securities - a Mauritius-based brokerage for fund managers and high-net-worth individuals - poured $US5 million ($A7.41 million) into the claimed project before things turned sour in November.
Details of the falling out were revealed on Monday in a Federal Court judgment which froze over $US7.2 million ($A10.7 million) in assets held by Mr Safi and his two Melbourne firms Paragon Finance Group and Global Future Holdings.
Under the deal, First Class Securities claims it was promised a 55 per cent return equalling $US2.75 million ($A4.1 million) plus the principal amount to be repaid within 10 days after the initial investment.
In his decision, Justice Yaseen Shariff noted the offer to pay $US7.75 million ($A11.5 million) so quickly appeared "almost too good to be true".
"That is an extraordinary arrangement with an extraordinary guaranteed return," he wrote.
The brokerage claims Mr Safi and his firms only repaid $US550,000 ($A815,000) of the amount owed.
Initial bank transfers failed to send through the remainder of the funds due to "compliance issues," Mr Safi allegedly said.
He then sent First Class Securities a photograph of a pallet loaded with a substantial amount of cash, the judge wrote.
"Although the evidence appears fantastical, it is supported by messages that Mr Safi appears to have sent stating he was in fact in the process of having the cash counted."
He then claimed the money could be picked up from certain unspecified individuals in Dubai and elsewhere.
"When pressed for details, Mr Safi was unable or unwilling to provide them even when it was being drawn to his attention that the circumstances were highly unusual and appeared to be illegitimate," the judge wrote.
Justice Shariff froze $US7.25 million of assets after finding there was a real danger the money could disappear from Australia and be put out of reach of its courts.
First Class Securities had a prima facie case that Mr Safi and his firms had breached the investment contract and made misleading statements, the judge said.
However, the claims and evidence presented to the court have not been tested to determine whether they are accurate or not.
The orders were made after a hearing held without Mr Safi's knowledge and no findings have been made against him.
The 44-year-old's lawyers said in a statement to AAP on Wednesday he would not comment publicly at this time but would address the issues through the court in due course.
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