News and Analysis

The following are articles relevant to the Professional Investigator.   Click on the title to make a comment or join the conversation.

 


 

Financial controller admits to stealing $1.6mover more than a decade from business – 15 March 2021

The former financial controller of an electronics business in Sydney’s north has admitted to stealing more than $1.6 million over an 11-year period, using an elaborate scheme which involved manipulating its payroll system to give himself extra money.

https://www.smh.com.au/national/nsw/financial-controller-admits-stealing-1-6m-over-more-than-a-decade-from-business-20210312-p57a8x.html?ref=rss&utm_medium=rss&utm_source=rss_feed

(Access to digital version to SMH may be required to read this article.)

APRA drops Westpac laundering case – 12 March 2021

The prudential regulator says Westpac Banking Corp’s anti-money laundering failings did not amount to a breach of the Banking Executive Accountability Regime (BEAR) or the Banking Act and it has closed its investigation into the bank, two-and-a-half months after ASIC also shut its probe.

https://www.afr.com/companies/financial-services/apra-drops-westpac-laundering-case-20210312-p57a68

(Access to digital version to AFR may be required to read this article.)

Man charged with fraud over alleged $400 million NDIS scam – 11 March 2021

A Victorian man, Demetrios ‘James’ Charisiou, who allegedly convinced two major Korean investment houses into investing $395 million in fake NDIS-related property deals has been charged with fraud. Police will allege the finance was purported to be for the purchase of Melbourne apartment buildings and their planned lease.

https://www.theage.com.au/business/banking-and-finance/man-charged-with-fraud-over-alleged-400-million-ndis-scam-20210311-p579ww.html

ASIC moves against REST on false and misleading charges – 2 March 2021

The regulator has announced the commencement of civil penalty proceedings in the Federal Court, against Retail Employees Superannuation Pty Ltd (REST), for false or misleading representations made about the ability of its members to transfer their superannuation, out of the Retail Employees Superannuation Trust (the fund).

https://www.moneymanagement.com.au/news/superannuation/asic-moves-against-rest-false-and-misleading-charges

https://www.afr.com/companies/financial-services/asic-sues-rest-super-for-misleading-conduct-20210302-p57740

 

NSW Police technology to be propelled into 21st century in US partnership – 2 March 2021

A new partnership with an American technology company will propel the decades-old policing systems into the 21st century, making it faster, simpler and safer for officers responding to emergencies and investigating crimes.  The cloud-based program, known as the Integrated Policing Operating System (IPOS), will replace the force’s 27-year-old central database and will be used for everyday operations including triple zero calls, arrests and charges, criminal investigations and forensics.

https://www.smh.com.au/national/nsw/nsw-police-technology-to-be-propelled-into-21st-century-in-us-partnership-20210301-p576n3.html

Court rules to extradite disgraced jewellery mogul Nirav Modi – 1 March 2021

The celebrity jeweller at the centre of an alleged $US2 billion ($2.5 billion) fraud that rocked Punjab National Bank three years ago can be extradited to stand trial in India. Modi is believed to have fled India in February 2018 after he was accused of committing a multibillion-dollar fraud against Punjab National Bank (PNB), the country’s biggest lender.

https://www.afr.com/world/europe/jeweller-in-2-5b-alleged-fraud-can-be-sent-to-india-20210226-p5766d

(Access to digital AFR required.)

https://www.jewellermagazine.com/Article/9459/Court-rules-to-extradite-disgraced-jewellery-mogul-Nirav-Modi

Nine deputy chairman Nick Falloon under investigation over whistleblower claims – 28 February 2021

The deputy chairman of Nine Entertainment Co. and one of the most prominent media figures in corporate Australia, Nick Falloon, is being investigated by his own company over allegations he allowed his son to use a corporate membership at a prestigious northern Sydney golf club.

https://www.smh.com.au/business/companies/nine-deputy-chairman-nick-falloon-under-investigation-over-whistleblower-claims-20210226-p5769j.html

Young West Aussies losing the most as scammers target online shopping, rookie investors – 26 February 2021

Scammers are increasingly targeting internet shoppers and using classified ads, with the COVID-19 pandemic resulting in a five-fold increase of people being ripped off online. WA ScamNet statistics, released on Friday, showed 257 online shoppers reported losses of $653,745 last year, compared to 129 victims losing $127,304 in 2019.

https://www.watoday.com.au/national/western-australia/young-west-aussies-losing-the-most-as-scammers-target-online-shopping-rookie-investors-20210226-p576ab.html

Criminal investigation into Melissa Caddick over, but financial inquiries go on – 26 February 2021

The corporate regulator’s lead investigator into the missing fraudster Melissa Caddick has written to investors to tell them that while the criminal investigation was at an end, their investigations into the financial dealings of Ms Caddick and her company, Maliver Pty Ltd would continue.

https://www.smh.com.au/national/nsw/criminal-investigation-into-melissa-caddick-over-but-financial-inquiries-go-on-20210226-p5768y.html

Melissa Caddick dead, police confirm, after campers find her foot on NSW South Coast – 26 February 2021

A human foot found by campers on the NSW South Coast has been confirmed as the remains of missing Sydney woman Melissa Caddick. She had been under investigation for allegedly running a Ponzi scheme, using millions from investors to make lavish personal purchases.

• https://www.9news.com.au/national/melissa-caddick-missing-woman-body-found-dna-testing-nsw-south-coast-sydney/da5ac94a-6f68-4d72-970d-13e103264cc8

AFP letter warns MPs delay reporting crimes could lead to reoffending in wake of Brittany Higgins rape allegation – 25 February 2021

The head of the Australian Federal Police has warned Prime Minister Scott Morrison about the need for politicians to report crimes quickly, as fallout from a rape allegation made by former staffer Brittany Higgins continues. Any delay in reporting criminal conduct can result in the loss of key evidence, continuation of the offending and/or reoffending by the alleged perpetrator.

https://www.abc.net.au/news/2021-02-25/afp-letter-mps-warning-risk-crime-brittany-higgins/13191832

Online ticketing scams return to impact tourist attractions – 24 February 2021

An online scam which has defrauded hundreds of thousands of dollars from visitor attractions, has been reported as having re-emerged in Australia. The scam, which largely targets the Chinese community includes fraudulent offers of discounts to popular attractions such as Adventure Park Geelong, Sea world and even Dan Murphy.

https://www.ausleisure.com.au/news/online-ticketing-scam-returns-to-impact-tourist-attractions/

https://www.smh.com.au/business/consumer-affairs/wechat-tourist-attraction-scam-back-in-business-20210219-p5741f.html

Counterfeit car parts; renewed warnings after an increase in busts – 21 February 2021

Three years ago, private investigators in Australia estimated up to 15 per cent of routine servicing parts sold online were counterfeit. A new study reveals more than half the parts bought online could be fake. Legal experts warn the ramifications could be crippling to small businesses or mechanics and car owners are at risk of experiencing catastrophic engine failures.

https://www.caradvice.com.au/926392/counterfeit-car-parts-renewed-warnings-after-an-increase-in-busts/