Detectives from the Serious and Organised Financial Crime Investigation Section have arrested a 39 year old man from Fullarton for 4 counts of Aggravated Deception totalling $5,556,000 and 1 count of Deception totalling $500,000.
The offences were committed between 14 April 2019 and 03 July 2020 and involved five victims.
None of the money provided to the man has been recovered.
It will be alleged that the man committed the deceptions by obtaining money from the victims for a property investment scheme the man was promoting and then associated fees to release the invested money.
It will be alleged that there was no property investment scheme and the man used the money for other purposes.
The man has been bailed to appear in the Adelaide Magistrates Court on 10 August.
Serious and Organised Financial Crime Investigation Section Detectives are continuing the investigation to ascertain whether there are any further victims or offences against the man.
Anyone with any information is asked to call Crime Stoppers on 1800 333 000 or on line at www.crimstopperssa.com.au – you can remain anonymous.
