Detectives from the State Crime Command's Financial and Cyber Crime Group have extradited a 54-year-old Brisbane man from New Zealand overnight and today charged him following a protracted investigation into a multimillion-dollar global investment fraud.
Operation Quebec Kidback commenced in January 2018 following information received from multiple complainants in Australia and around the world involving a fraudulent investment scheme.
It is alleged that the man, who operated as a solicitor and financial planner, ran a property investment scheme based on short-term bridging loans under a myriad of companies, many of which were alleged to be based in New Zealand, Singapore and Hong Kong. The man stated to victims that developers would pay high interest for funds borrowed over a short period (generally three months) until the banks funded the developers' projects. Police will allege the investment did not exist.
The man's co-offender, a 72-year-old woman, was arrested after detectives executed a search warrant on a Dornoch Terrace address in Highgate Hill on January 31, 2019. She has been charged with nine counts of fraud and appeared before the court on 25 February. After the arrest of this woman a further six victims came forward to police to lodge formal complaints.
To date, 21 victims have made complaints to police relating to this investment scheme which occurred between 2007 and 2016. Victims from Queensland, New South Wales, Victoria, the United Kingdom, the United States of America and Europe have been affected.
The alleged total combined loss from all the 21 complainants is $11,960,000.00.
Detective Superintendent Terry Lawrence of the Financial and Cyber Crime Group said investigators believe there may be further victims who have yet to identify themselves to police.
"We will allege the offender in these matters was not qualified to act as a solicitor or financial planner. This highlights the importance of questioning broadly each element of a proposed investment," Detective Superintendent Lawrence said.
"Inquiries can be made with the State Bar Board, Queensland Law Society or on ASIC's MoneySmart website to confirm authority to operate.
"Maintaining control of your finances and personal identification information is integral to ensuring your investments are safe."
The man has been charged with twenty-five counts of fraud and is due to appear in the Brisbane Magistrates Court.
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