The Australian Prudential Regulation Authority (APRA) has announced that it has obtained interim court orders preventing an unauthorised financial business calling itself and acting like a “bank”.

The interim orders prevent the entity from taking further deposits and freeze the current assets to prevent them being dealt with improperly.

A number of depositors have placed substantial funds with the self-proclaimed Principality of Camside and Terra Nova Cache and were promised returns of approximately 50 per cent per annum.

UPDATE 11 January: APRA Takes further action