Two Sydney men have been charged after police alleged they defrauded an 88-year-old man of more than $600,000 in a sophisticated scheme that unfolded over approximately 12 months.
Detectives from the New South Wales Police State Crime Command’s Financial Crimes Squad allege the pair gained the elderly man’s trust by posing as employees of his bank before persuading him to provide access to his online banking and credit card.
Police claim the men, aged 22 and 25, did not previously know the victim. Investigators allege they made repeated telephone calls—some lasting up to 90 minutes—to convince the man to follow their instructions and hand over sensitive financial access.
According to investigators, more than $600,000 was allegedly removed from the victim’s accounts over the following year. Police allege the funds were transferred to the suspects and other individuals, while some of the money was also used to purchase shares.
The investigation began after a member of the victim’s family became concerned and alerted authorities. NSW Police established Strike Force Borlase in 2025 to investigate the allegations and trace the movement of the money.
On Wednesday morning, detectives executed a search warrant at a unit in Yagoona in Sydney’s south-west. Two men were arrested and taken to Bankstown Police Station.
The 22-year-old has been charged with two counts of dishonestly obtaining financial advantage by deception and one count of knowingly dealing with the proceeds of crime. The 25-year-old faces similar charges as well as an additional allegation of failing to comply with a digital evidence access order.
Both men were refused bail and appeared before a Sydney court. Police said investigations remain ongoing and believe additional people may have participated in aspects of the alleged fraud.
Financial Crimes Squad Commander Detective Superintendent Gordon Arbinja described the alleged offending as a serious exploitation of a vulnerable member of the community. He urged families to seek help early if they suspect an elderly relative is being pressured to hand over banking details or account access.
Authorities also confirmed the victim’s bank has reimbursed the full amount allegedly lost during the scam.
The case serves as another reminder that financial scams increasingly target older Australians through long-running trust-based deception rather than a single fraudulent transaction. Police advise customers never to provide online banking credentials, security codes or remote access to anyone claiming to represent a bank unless they have independently verified the caller’s identity.
The charges have not been tested in court, and both accused men are entitled to the presumption of innocence while the legal proceedings continue.
