CONWOMAN’S HIDDEN CASH: Eye-watering scale of fraud revealed

 

The eye-watering scale of accused conwoman Melissa Caddick's alleged fraud has been laid bare in a long-awaited report into her financial affairs.

The report, obtained by the Sydney Morning Herald, shows she misappropriated around $25 million of investors' funds before she vanished from her $7 million Dover Heights mansion in Sydney's eastern suburbs last November.

However, the two-part document has been met with disappointment from investors, who say it is heavily redacted and hard to make sense of - meaning they still have no idea where their funds have gone.

It's understood the first part of the report was into Ms Caddicks's financial affairs and the other into her company Maliver.

According to the report, Ms Caddick used Maliver as a money-laundering vehicle.

"Money went in [to the company] and then money went out," one of the investors told the Herald.

It comes as the search for Ms Caddick enters a crucial phase, with police divers preparing to search waters near her home at Dover Heights.

A NSW Police boat was seen in the water just 300m from her Sydney home on Wednesday.

Experts had intended to dive - looking for more remains related to the 49-year-old - but weather conditions proved too dangerous and the search was postponed.

It's understood it will resume today if conditions improve.

Detectives are focusing the search around the Dover Heights area. Picture: NCA NewsWire / James Gourley
Detectives are focusing the search around the Dover Heights area. Picture: NCA NewsWire / James Gourley

Meanwhile, police have confirmed human remains found at a beach at Mollymook on the NSW south coast belong to a missing Ingleburn man.

On Wednesday, the remains were revealed as belonging to a man reported missing from Sydney last month.

The 37-year-old was last seen at an ATM in Kiama about 1.30pm on Monday, after he caught a train from Ingleburn.

Officers from Campbelltown City Police Area Command commenced inquiries to locate the man and will continue to lead investigations into the his final movements.

His death is not being treated as suspicious.

Police were called to the Mollymook Beach at about 6.30pm on Friday, after a member of the public located human remains.

It came hours after police told the public about discovering Ms Caddick's badly decomposed foot in an Asics running shoe at Bournda Beach the previous Sunday.

After campers found Ms Caddick's shoe on February 21 police confirmed the foot inside belonged to her by comparing DNA from her toothbrush.

The mystery deepened when last Saturday, two bones were found on Tura Beach, just a few kilometres north of where Ms Caddick's shoe was found.

However, forensic testing concluded they were animal bones.

More remains were found on Saturday north of Cunjurong Point. Testing is under way to work out if they belong to a human or animal.

Despite earlier reports suggesting they were intestines, police could not confirm the nature of the grim find, only that they would also be subject to forensic testing.

Other remains discovered at Warrain Beach, near Culburra on the south coast on Sunday, are also being tested to see if they are human.

Several theories have now emerged, suggesting the conwoman may still be alive.

Police have not ruled out foul play or that she might have taken her own life.

The businesswoman vanished last November, just two days after Australian Federal Police and ASIC searched her home.

She was accused of swindling millions of dollars from friends and family through her finance business Maliver Pty Ltd.

Her foot was found about 400km from her home.

Police divers will access the surf conditions before resuming the search. Picture: NCA NewsWire / James Gourley
Police divers will access the surf conditions before resuming the search. Picture: NCA NewsWire / James Gourley

Investigations have not been able to determine when she entered the water, but her foot was found dry and decomposed.

Police used modelling software to examine coastal patterns and determined an "object that entered the water around the Dover Heights area on November 11 could drift down as far as Bermagui". That is north of Bourdna Beach where her foot was found.

The link between the discovery of the Asics runner and Ms Caddick was made because footage captured her wearing that exact shoe on the night the corporate watchdog raided her home.

- Know more? benjamin.graham@news.com.au



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