Nabil Al-Nashar<\/a><\/p>\n‘I feel it is already gone’<\/p>\n
Back in February 2024, payments were delayed for the first time, according to multiple investors, before then stopping in February 2025.<\/p>\n
Hossam Farouk said he had invested $10,000 in the fund.<\/p>\n
“I think we have been deceived, someone deceived us,” the father of three from Western Sydney said.<\/p>\n
“Maybe my amount [is] not significant like other[s], but you know it is something I have done in my life, I was proud of it, and suddenly I feel it is already gone, so I’m feeling unhappy about that. It is my right,” Mr Farouk said.<\/p>\n
![\"Hosaam](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2025\/08\/9edb5546f767900b41cb4d38bf0b0af5\")
<\/p>\n
Hosaam Farouk invested in Healthbridge Capital.\u00a0 (ABC News: Nabil Al-Nashar)<\/p>\n
In late March this year, the now-panicked investors received a notice from investment company Cache saying it had bought Healthbridge Capital and frozen all accounts.<\/p>\n
A spokesperson for Cache said the freezing of the accounts came after the company had “became aware of potential financial irregularities in the fund’s portfolio” soon after it took over its management from the previous responsible entity of Quay Fund.<\/p>\n
Quay Fund told the ABC it was acquired by Cache Group in February last year and was renamed by Cache.<\/p>\n
“Quay and Cache do not have any common management, employees or shareholders; they are separate businesses,” a spokesperson said.<\/p>\n
According to the product disclosure statement given to investors, they could get their money out within 60 days of putting in a request.\u00a0<\/p>\n
Along with at least four other investors, Mr Farouk tried to get his money as far back as March 2024, but despite the 60-day redemption period, they never received their money.<\/p>\n
Some investors believe they were left in the dark.<\/p>\n
Others told the ABC they feel everyone who persuaded them to invest their savings in Healthbridge Capital has now washed their hands of it.<\/p>\n
Stefano Calabretta is the lawyer representing 46 of the investors, and he is preparing to try and get their money back.<\/p>\n
“A lot of the investors are your classic mum and dad type investors who unfortunately do not have a lot of experience when it comes to financial matters,” Mr Calabretta said.<\/p>\n
“The reality is that what this fund was doing was merely advancing money as a lender to these pharmacies or to other organisations in the healthcare space.”<\/p>\n
![\"Stefano](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2025\/08\/b4564db8411c2547817497884ddaa03f\")
<\/p>\n
Sydney lawyer Stefano Calabretta is representing the investors.\u00a0 (ABC News: Liam Patrick)<\/p>\n
A ‘sharia compliant’ investment<\/p>\n
Mr Chalabi said that in the multiple pitches, it was also claimed that the investment was “sharia compliant”.<\/p>\n
This was an important distinction for investors who wanted to make sure their investments were in accordance with Islamic finance customs.<\/p>\n
Interest on loans is prohibited in Islamic finance.<\/p>\n
The product disclosure statement given to investors said the fund avoided “banks and other conventional lenders” where there is a potential for paying or charging interest.<\/p>\n
Investors who spoke to the ABC said they now doubt the fund was sharia-compliant due to its lending practices.<\/p>\n
Senior lecturer on religion and law from Western Sydney University Maria Bhatti said if an organisation was purporting to be sharia compliant but was not, it could be considered “misleading and deceptive conduct” and “dealt with according to Australian law”.<\/p>\n
![\"Maria](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2025\/08\/131d807ac0da554d1d93a174016256b1\")
<\/p>\n
Senior lecturer on religion and law from Western Sydney University Maria Bhatti. (ABC News: Liam Patrick)<\/p>\n
Cache said the fund acquired its sharia compliance certification in February 2025.<\/p>\n
“Shariah Compliance does not prohibit all lending. The assets were structured in a manner that meets the requirements of [the Financial Shariah Advisory and Consultancy group] \u2014 and passed certification,” it said.\u00a0<\/p>\n
Agency ‘does not resolve complaints’<\/p>\n
Cache said it was now trying to sell two of the 11 Pharmacy4Less franchises the scheme invested in to recoup some of the money for investors.<\/p>\n
In addition to freezing the fund in March 2025, it also hired “forensic accountants” to investigate.<\/p>\n
“Cache recognises that these developments have caused distress for investors, particularly investors who may have been relying on income distributions,” the statement said.\u00a0<\/p>\n
![\"Exterior](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2025\/08\/efcf909c75cc316e0db701c1cb9e8f26\")
<\/p>\n
Pharmacy 4 Less discount chemist franchises were part of the Healthbridge investment.\u00a0 (ABC News: Abbey Haberecht)<\/p>\n
While it could not reveal figures, the company said “it has already recovered some funds and believes its efforts will ultimately result in a material recovery for investors”.<\/p>\n
After filing a complaint with ASIC in May, the investors received an automated response saying the agency would “register and consider your report,” and that it “does not resolve complaints, intervene in disputes, give legal advice or act to get your money back”.<\/p>\n
They’ve also reached out to the Australian Financial Complaints Authority (AFCA), which said it would now be progressed “to the Case Management Stage”.<\/p>\n
According to AFCA, it could be weeks before a case worker is assigned to the complaint.<\/p>\n
Mr Chalabi won’t be able to retire anymore.\u00a0<\/p>\n
“I’m old enough for early retirement. Now I can’t, I have to work harder than before,” he said.\u00a0<\/p>\n
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