Multi million dollar deception – man arrested, South Australia

A man will face court after allegedly deceiving a number of financial institutions.

Detectives from the Financial and Cybercrime Investigation Branch commenced Operation Privity in February, investigating a significant number of fraudulent loan applications submitted to financial institutions.

Police will allege the victims (all financial institutions) were deceived into loaning in excess of $5,000,000 to applicants alleged to have had their applications submitted with fraudulent documents.

A 70-year-old from Gulfview Heights was arrested yesterday and charged with 29 counts of dishonestly dealing with documents. He has been bailed to appear in the Adelaide Magistrates Court on 20 November.

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