A Melbourne businessman has been accused of using money from a now-collapsed super fund to renovate two apartments he owned into a $10 million sprawling luxury abode.

Shield Master Fund manager Paul Chiodo faced a public examination in the Federal Court on Monday on behalf of liquidators trying to track down how and where $500 million of superannuation invested in the fund by nearly 6000 Australians was spent.

Paul Chiodo outside the Federal Court on Monday. Credit: Jason South

Chiodo was pressed on the renovation of his inner Melbourne apartments with bay views and his purchase of expensive cars.

He told the court there was no budget for the renovations, which joined his $2.6 million apartment with a $5 million one he also owned on the same floor, and was instead working towards a

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