An investment scammer who convinces victims to demolish their homes and build townhouses in their place has scammed multiple people into believing he is a genuine developer.
Cardinia Crime Investigation Unit detectives received reports from 15 victims who have each lost between $20,000 and $2.1 million since the investment scam was first reported to police in 2011.
The man police are hunting down will approach people and offer 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 victims hand over the funds to build the townhouses, their developments are bought out by other investors – but the townhouse is never built.
The offender then takes off with the cash from both the original property owner, plus the new investors.
Detectives have received reports of the scam occurring in Murrumbeena, Beaumaris, Bentleigh, Bentleigh East, Carnegie, East Brighton, Toorak and Malvern East areas.
Most recently, it’s believed the man is trying to befriend single women in the Malvern East area in an effort to convince them to invest in construction projects he is involved in.
Anyone with information on fraudulent activity is urged to contact Crime Stoppers on 1800 333 000 or at www.crimestoppersvic.com.au.