A Perth accountant who allegedly used his clients personal details to amass millions in fraudulent loans has been charged by police.
Police said the 41-year-old Menora man racked up nearly $4.8 million in funds for fake loans through his accountancy business, allegedly submitting loan applications based on fake invoices.
The man used the business details of his clients without their knowledge, and directed the money to his own company accounts, Sergeant Julie Hansen said.
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By June 2010, the man began defaulting on repayments of 130 separate loans while still utilising the cash for his own purposes.
Following an investigation, police yesterday charged the man with 130 counts of gains benefit by fraud, and he will be appearing in the Perth Magistrates Court tomorrow.
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