Charges following multi-million dollar investment frauds

Cardinia Crime Investigation Unit detectives have charged a man in relation to multi-million dollar investment frauds going back 13 years.

Investigators received reports from 15 victims who have each lost between $20,000 and $2.1 million since the investment scam was first reported to police in 2011.

It’s alleged the scams involve a man who approaches people and offers to assist in knocking down their homes.

It is believed the man then offers to build townhouses in their place by convincing his victims that he is an established developer.

Once the victim’s hand over the funds to build the townhouses, their developments were bought out by other investors without the building works proceeding.

The offender then takes off with the cash from both the original property owner, plus the new investors.

Detectives executed a search warrant in McGregor Street in Malvern East and a 51-year-old Malvern East man has been charged with 35 offences including use false document, obtain financial advantage by deception and obtain property by deception.

He has been bailed to appear in Melbourne Magistrates’ Court on 8 February.

/Public Release. View in full here.