Criminal Proceeds Squad busts fraudulent investing scheme

Criminal Proceeds Squad detectives have charged a man and seized two luxury vehicles following an investigation into fraud and unexplained wealth.

Police executed six warrants on Monday at properties in Sea Lake (2), Altona (2), Laverton and Woomelang.

A 64-year-old Altona man was charged with obtain financial advantage by deception and knowingly dealing with the proceeds of crime.

Further investigations are underway relating to fraudulently induce a person to invest.

At the time of his arrest, police will allege he had commenced conversations with further potential victims in relation to a separate fraudulent investment scheme.

He was remanded to face Melbourne Magistrates’ Court today.

Police will allege that he fabricated documents, emails and text messages to induce each of his victims to invest into his scheme, obtaining in excess of $1 million from multiple victims.

It is alleged he engaged a co-offender to impersonate and take on the identity of a lawyer in order to further legitimise his scam to his victims.

It will be alleged he then used the money given to him by each of his victims for personal financial gain.

Investigators seized a BMW X5, a Mercedes-Benz AMG and a high end commercial coffee machine.

The investigation commenced in December 2021, when police received information related to unexplained wealth.

A 41-year-old Laverton man was released pending further enquiries.

Quotes attributable to Detective Inspector Jennifer Locke, Criminal Proceeds Squad:

“This is a significant result and one that highlights the contemporary and malicious nature of fraud and deception related offending.

“These are incredible serious offences and can have life changing consequences for the victims.

“Targeting some of the most vulnerable is heartless offending and we will absolutely continue to target offenders and hold them to account.

“You will not retain any advantage – financial or otherwise – from your callous ways.”

Anyone with information on fraudulent activity or unexplained wealth is urged to contact Crime Stoppers on 1800 333 000 or submit a confidential crime report at www.crimestoppers.vic.com.auExternal Link

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