Two men accused of fleecing elderly man of $600k
An 88-year-old man was allegedly defrauded of hundreds of thousands of dollars by two men who were due to go to trial accused of a horrific betrayal.
The pair have been under investigation for more than six months and are scheduled to appear before Liverpool Local Court on Thursday.
The two men, aged 22 and 25, were arrested when police raided a unit in Yagoona, south-west Sydney, on Wednesday morning.
They allegedly spent more than $600,000 of the man’s money, diverted the money to themselves and others, and purchased shares.
Both men were charged with dishonestly obtaining financial advantage by deception and knowingly dealing with the proceeds of crime.
The 25-year-old man was also charged with failing to comply with a digital evidence access order.
NSW Police Financial Crime Squad Commander Gordon Arbinja said investigators were tracking the flow of money through the old man’s bank account to piece together the alleged crime.
“This is an elderly man who relied on others for support and instead was allegedly exploited for financial gain.
“This is a terrible betrayal of a vulnerable member of our community,” Arbinja said.
Arbinja urged anyone who suspects a relative or loved one is being manipulated or pressured into handing over money or account access to contact the police.
“We would rather control something early than see another person lose their life savings.”
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Jack Gramenz is a breaking news reporter for The Sydney Morning Herald.Connect via email.
