New charges following multi-million dollar investment frauds

Cardinia Crime Investigation Unit detectives have today laid further charges in relation to multi-million-dollar investment frauds.

Detectives executed a search warrant in Wicklow Street in Ormond about 11am and seized documentation and electronic devices.

It is alleged the man had scammed 26 victims out of substantial amounts of money across a 12 year period.

Police will allege 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.

A 51-year-old Ormond man has been charged with 40 offences including use false document, obtain financial advantage by deception and possess drug of dependence.

He has been bailed to appear in Melbourne Magistrates’ Court on 13 June.

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