Acting commissioner for Consumer Affairs Lyn Guerin said people have been urged to have no dealings with Shaun Modra, sole director of Whyblue Pty Ltd trading as City Southside Real Estate in Melrose Park.
A 'cease and desist' order was issued to Shaun Modra last week regarding his business operating as a real estate agent without a licence.
Consumer and Business Services (CBS) has since received numerous complaints alleging rental payments collected by Shaun Modra have not been forwarded to owners.
CBS investigators recently conducted a raid on the business premises and the commissioner has appointed an administrator and temporary manager to take control of the trust account and transact any urgent or uncompleted business.
“We are seriously concerned about the operation of the company’s trust account, and how client’s funds have been handled,” a statement from the acting commissioner said.
“We have received a number of complaints from Mr Modra’s clients, which we are currently investigating.
“We are working with SA police to locate Mr Modra for questioning.”