Shocking $70 million Ponzi Scheme Accusations

scam letters

Police in Australia’s Victoria have begun investigating what looks to be a $70 million Ponzi scheme that allegedly involves a well-known international poker player and a Melbourne accountant.

The alleged offence is fraud, as the accountant supposedly used fraudulent documents to siphon money out of the Commonwealth Bank through various financial facilities that led back to him and others involved. The entire scam ensnares another 20 well-off businessmen, all clients of the Melbourne based accountant who seems to be the spearhead of the operation.

Robert Zaia is said to be the ring leader, he is a 45 year old qualified accountant operating out of Australia. The police claim that 55 year old Bill Jordanou, the international poker player, was also involved after partnering up with Zaia. The whole operation has been pieced together over a two year period and is reported to come to a head in the next couple of months.

Last year in March, the police raided Zaia Arthur & Associates’ office as a crucial part of their operation to gather concrete evidence and leads that could be used to bring charges against those involved in the Ponzi scheme. Fraud squad detectives on the scene discovered piles of documents implementing a group of participants. Apparently, these documents include evidence that could prove that Zaia was able to get approval from senior members of the Commonwealth Bank’s Box Hill branch.

Fraud squad detectives uncovered hundreds of fraudulent documents allegedly used to make unauthorised bank transfers approved by senior staff at the Commonwealth Bank. The bank is a key component in creating prosperity within the country by dishing out loans to help businesses in property development and on commercial projects raise capital. It is said that some of these funds were stolen and shifted around various client accounts, that has meant those involved in the suspected fraud have had a share of $70 million so far.

Fairfax media have seen some of these documents showing huge sums of money being transferred through various financial accounts. Credit cards, family trusts, bank accounts and a host of other means have been used to filter cash through the system. Many of these financial facilities have been said to be traceable back to poker player Mr Jordanou and accountant Mr Zaia.

What may have also become apparent in the case is that the Commonwealth Bank has members that are also involved, or there would be no way to explain why some of the top players in the Asia Pacific Poker Tour received non-permitted payments.

Since the news has become fully fledged public knowledge and has started to flex its way around the poker world, further questions have been raised and re-raised! However, right now the fraud detectives are keeping their poker faces straight as so far they have refused to offer any information on the case.