A Port Douglas property has unwittingly been drawn into the disappearance of millions of dollars in super funds, an ongoing corporate watchdog investigation alleges.

In one of the largest inquiries of its kind involving a team of about 40 specialist investigators, the Australian Securities and Investments Commission has found more than $100m for the planned $300m Port Douglas Fairmont Resort was allegedly lent out by superannuation fund Shield Master before it collapsed last year, despite the resort project only ever making the "pre-development stage" and being rejected by Douglas Shire Council.

The parent company Keystone Asset Management was wound up in December, the resort plan has now been abandoned, and the land at 71-85 Port Douglas Road has been put up for sale, but where much of that money went is at this stage unknown - Newsport understands at least one Port Douglas worker on the project is currently more than $100,000 out of pocket and holds little hope of seeing any money.

ASIC alleges the figures show marketing bills of millions of dollars for events involving high-profile sports stars such as boxer Floyd Mayweather and basketballer Josh Giddey, $4.3m towards a new Melbourne penthouse suite for the wife of property developer Paul Chiodo, and millions for construction costs for the Port Douglas resort and other buildings.

This included the pre-payment of an about $100m loan to building company City Built for the Port Douglas property for civil works, demolition, design consultants, marketing and planning - much of which will never be done. 

The liquidators aim to claw back a minimum of $40m, which includes the current sale of the about 2ha block next door to Oaks Resort in Port Douglas.

ASIC has also been looking into how more than $260m of Shield's $480m money pool was increasingly invested into a separate fund, which loaned money to companies linked to Mr Chiodo’s property developments, including the Port Douglas project.

For his part Mr Chiodo, who was ordered by ASIC to hand over his passport last month, has been fighting the charges in the Federal Court and has said he has now analysed all invoices and bank accounts and submitted them to the regulator.

“ASIC understands that investments were made into Shield by around 5800 investors, who accessed Shield primarily through superannuation platforms,” the watchdog states.

“(The) investigation into Shield and its officers and related entities, is part of ASIC’s broader consideration of matters concerning Shield and is ongoing.”