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Forde man facing $1m fraud charges

A man accused of stealing almost $1 million from bank accounts over a three-year period is yet to be charged with 106 counts of theft.

Adi Narayan was not present when the matter was first mentioned in the ACT Magistrates Court on Friday.

His lawyers instead appeared on his behalf.

Narayan, of Forde, was summonsed to answer the charges after police allegedly uncovered a complex money trail.

Police initially investigated a $17,000 theft from a corporate account, but further enquiries exposed many more suspicious transactions.

Earlier this month, officers raided the 53-year-old's Gungahlin home and executed warrants on bank accounts which police allege were used to move the stolen funds.

Police believe the total value of the unauthorised financial transactions is in excess of $987,000, with the thefts occurring between November 2008 and February 2012.

The matter was adjourned until next month.

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