A third man has been charged as New South Wales Police continue investigating an alleged fraud that saw an 88-year-old Sydney man lose more than $600,000 over the course of a year, in a case detectives describe as a devastating exploitation of a vulnerable member of the community.

The latest arrest was made early Thursday morning after detectives attached to the Financial Crimes Squad executed a warrant at a home in Voyager Point in Sydney’s south-west.

The 26-year-old man was arrested shortly before 6am as part of Strike Force Borlase, an investigation established in 2025 to examine allegations that an elderly man had been systematically defrauded of his life savings.

Following his arrest, the man was taken to Liverpool Police Station where he was charged with one count of knowingly dealing with the proceeds of crime.

Police opposed bail, and he was refused bail before appearing in Liverpool Local Court later the same day.

Investigators allege the accused assisted in using approximately $32,000 obtained from the victim’s funds to trade shares and purchase products online. Those allegations will be tested before the court, and the man has not been convicted of the offence.

The latest charge follows the earlier arrests of two brothers, George Mensah, 22, and Jesse Mensah, 25, who were charged in connection with the same investigation earlier this month.

According to police, the brothers allegedly gained access to the elderly man’s online banking and credit card accounts before more than $600,000 was gradually transferred from his finances over approximately twelve months.

Investigators allege the money was moved through various transactions, including share purchases and transfers to accounts belonging to the accused and other individuals.

The younger brother has been charged with two counts of dishonestly obtaining financial advantage by deception, along with knowingly dealing with proceeds of crime.

The older brother faces charges including dishonestly obtaining financial advantage by deception, knowingly dealing with proceeds of crime and failing to comply with a digital evidence access order.

Both men were granted strict conditional bail and are scheduled to appear before Burwood Local Court on 12 August.

All three accused remain entitled to the presumption of innocence, and the allegations against them have not been proven in court.

Police say the investigation began after suspicious financial activity involving the elderly victim came to the attention of authorities, prompting specialist detectives to begin tracing the movement of funds.

Financial investigations of this nature often involve detailed examination of bank records, electronic transactions, investment accounts and digital payment platforms in order to identify where money has been transferred and who ultimately benefited from it.

Detective Superintendent Gordon Arbinja, Commander of the Financial Crimes Squad, said the case demonstrated how vulnerable people can become targets for sophisticated financial exploitation.

“This is an elderly man who relied on others for support, and instead he was allegedly exploited for financial gain,” he said when the earlier arrests were announced.

He described the alleged conduct as “an appalling betrayal of a vulnerable member of our community”.

Detectives said their investigation required extensive forensic financial analysis to reconstruct the movement of funds over many months.

According to police, following the money trail was essential to identifying everyone allegedly involved in handling or benefiting from the proceeds.

Australian financial crime investigations increasingly rely on digital evidence, including online banking records, investment transactions, mobile devices and communications between suspects.

Authorities say the use of specialist financial investigators has significantly improved their ability to detect complex fraud schemes involving multiple bank accounts and investment products.

The case also highlights the growing problem of financial abuse targeting older Australians.

Consumer advocates and law enforcement agencies have repeatedly warned that elderly people are disproportionately vulnerable to scams, particularly where they rely on carers, family members or trusted acquaintances to assist with daily financial matters.

Unlike many online scams that involve unknown overseas offenders, some financial abuse cases arise through people who have established relationships with victims or have obtained access to banking credentials through trust or deception.

Older Australians may be particularly vulnerable because of declining health, reduced digital literacy, social isolation or cognitive impairment, although anyone can become the victim of financial crime.

Police encourage family members to remain alert to warning signs that an elderly relative may be experiencing financial exploitation.

These warning signs can include unexplained withdrawals, sudden changes in banking arrangements, unexpected investment activity, missing financial documents or pressure to provide passwords, bank cards or online account access.

Experts also recommend regularly reviewing financial statements, discussing major financial decisions with trusted family members where appropriate, and immediately reporting suspicious activity to banks and police.

Australian banks have introduced a range of fraud detection systems designed to identify unusual account activity, while law enforcement agencies continue expanding specialist financial crime units to respond to increasingly sophisticated offending.

Despite these safeguards, investigators say many fraud offences remain undetected until substantial losses have already occurred.

That is one reason police encourage people to report concerns as early as possible, even if they are uncertain whether a crime has occurred.

Detective Superintendent Arbinja said investigators would rather examine suspicious behaviour early than see another vulnerable Australian lose their savings.

The investigation under Strike Force Borlase remains ongoing, and police have not ruled out further arrests as detectives continue analysing financial records and the movement of funds.

The outcome of the criminal proceedings will ultimately be determined by the courts, where prosecutors must prove each allegation beyond reasonable doubt before any conviction can be recorded.