The corporate regulator is probing the biggest funder of "right-wing" disinformation group Advance – as it can be revealed an illegal company structure was use to funnel more than $1 million.

A mystery shell company with secret owners – and a coal billionaire — were among the biggest funders of the “No” campaign against the Voice, filings reveal.

A mining company “investment” being heavily spruiked by anti-Indigenous Voice campaigner Warren Mundine is a sham, with investors at risk of losing millions of dollars.

More than one-third of investors in a mining company rejected a plan to give Warren Mundine and other directors shares worth more than $2 million — but it was approved anyway.

Anti-Indigenous Voice campaigner Warren Mundine has been given 3 million “loan funded” shares in a uranium company — with $390,000 in reported remuneration as “non-executive director” in just his first 18 months.

The entire premise of the “No” campaign against the Voice was a sham – the "grassroots" movement was bankrolled by the super-rich.