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The $600 M chippie - How DID he do it?

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basilio

basilio

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Something special for ASF theorists.

The cops pulled over a guy in Queensland hooning around in an expensive sports car. Searched the car and came up with some ice and other drugs.

Take him to the cop shop and charge him. The guy says "Hey I'm worth squillions. The car was a gift"

Duty soliciter thinks he is on some really good drugs until the guy opens up a computer, logs into his Commonwealth bank account (name and code no) and shows up a bank balance of of $596 million

Also appears to have a property portfolio of $1.56 billion.....

So. Is this true ? How did he get it ? How can we get hold of him ?

Cheers

http://www.news.com.au/lifestyle/re...n/news-story/220923c1e2b6b22afe2701049117a7a8
 
I would have thought security agencies would be alerted whenever huge sums of cash suddenly appear in bank accounts. Or the ATO.

But I'm a bit naive.
 
I'm sure everyone is just ruminating on the multiple range of conspiracy possibilities this (alleged) incident could entertain.

My first questions however are

1) Has someone asked the Commonwealth Bank to verify the story ? That the account is real ? (Consider the possibility of punching your ID into an imitation Commonwealth Bank web page to create this story)

2) If it is a real account in which universe does the Commonwealth Bank accept a $600 million deposit without serious questions ?

3) And if the $1.6Billion property portfolio is real in what universe can a person buy such vast amounts of real estate in a very short time with no apparent source of funds ?

Go for it... !
 
Obviously if it is true the money came from massive drug deals. If it's true it is incredible he went undetected for so long.
 
macca said:
I would think the ATO will be all over it asap with the AFP not far behind.
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If it's sitting in bank accounts it's highly unlikely the ATO is not already taxing it. There's much more to this story if it's true. The illicit drug trade in Australia is worth $10b/year. It beggars belief that someone could have amassed such wealth from selling drugs in Australia.
 
McLovin said:
If it's sitting in bank accounts it's highly unlikely the ATO is not already taxing it. There's much more to this story if it's true. The illicit drug trade in Australia is worth $10b/year. It beggars belief that someone could have amassed such wealth from selling drugs in Australia.
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I put a tip in for you McLovin

If it's sitting in bank accounts it's highly unlikely the ATO is not already taxing it. There's much more to this story if it's true (it's not true). The illicit drug trade in Australia is worth $10b/year. It beggars belief that someone could have amassed such wealth from selling drugs in Australia.
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$596 Mill in an account at Which Bank. Wow. I'd like to see the bank fees on that account, and the annual tax return.

He'd have to negative gear like crazy just to offset the bank interest on his tax return.

The guy seems to be better at making the cash than laundering it.
 
Logique said:
$596 Mill in an account at Which Bank. Wow. I'd like to see the bank fees on that account, and the annual tax return.

He'd have to negative gear like crazy just to offset the bank interest on his tax return.

The guy seems to be better at making the cash than laundering it.
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And imagine if he had all his properties empty for a few weeks....ouch. It's B/S
 
What fascinates me at this stage is there has been no confirmation or denial from the Commonwealth bank about the alleged $596m account.

If in fact it was a fictitious web page and no such account existed the bank would/should have been quick to kill the story.

This doesn't seem to have happened so that suggests there really is $600 mill sitting an account under his name.

That poses so many questions...
 
I've never really thought about this in the past, but I'm thinking that if an individual were to deposit $600 million with any Australian bank then surely that would trigger a few things and the bank itself would be asking a few questions?

Surely there's a limit somewhere? I mean, what if someone deposits $10 billion with (say) the Commonwealth and then a few years later demands to withdraw all $10 billion on the spot? I'd imagine that would cause quite a lot of problems for any bank to have a sudden withdrawal on that scale, even if done electronically, so logically they'd have some limits in place for how much can be deposited into a 'standard' account before it comes to attention of whoever and they put in place some suitable arrangements with the individual or business concerned.

I'm thinking that either the whole thing is fake, he doesn't have the money, or there's a lot more to this. Even if self employed you don't make that sort of money laying bricks. Not even close. $600K would be plausible but not $600 million. At least not if it's in AUD.
 
basilio said:
What fascinates me at this stage is there has been no confirmation or denial from the Commonwealth bank about the alleged $596m account.

If in fact it was a fictitious web page and no such account existed the bank would/should have been quick to kill the story.

This doesn't seem to have happened so that suggests there really is $600 mill sitting an account under his name.

That poses so many questions...
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If he has a real account and they comment on his balance they'd be in breach of privacy laws.
 
SirRumpole said:
They had better cancel his passport before he disappears.
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he was actually released on bail..can you believe it?

AndI have had to pay the ATO $17 that I do not owe them just as i gave up 2 months of fights and hours on the phone as they did not processed/reconciled a 3y old tax return amendment.
We can see where the ATO priorities are.
So imagine the fun and easy job when you work as a taxation expert for a multinational corporation!
 
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