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An 88-year-old man was allegedly fleeced out of hundreds of thousands of dollars by two men, who are due to face court accused of an appalling 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 at Yagoona in Sydney’s south-west on Wednesday morning.
They allegedly spent more than $600,000 of the man’s money, transferring the funds to themselves and others as well as buying shares.
Both men have been charged with dishonestly obtaining financial advantage by deception and knowingly dealing with proceeds of crime.
The 25-year-old man was also charged with failing to comply with a digital evidence access order direction.
NSW Police Financial Crimes Squad Commander Gordon Arbinja said investigators tracked the flow of funds from the elderly man’s bank account to piece together the alleged offending.
“This is an elderly man who relied on others for support, and instead he was allegedly exploited for financial gain.
“It’s an appalling 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 police.
“We would much rather check on something early than see another person lose their life savings.”
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Jack Gramenz is a breaking news reporter at The Sydney Morning Herald.Connect via email.From our partners
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