Man pleads guilty to almost $1m in bank account thefts
A man accused of stealing almost $1 million from bank accounts over a three-year period will be sentenced in the Supreme Court later this month.
Initially facing 106 theft charges, Adi Narayan pleaded guilty to two ‘representative’ charges when he appeared before the ACT Magistrate’s Court on Friday.
Police had initially investigated a $17,000 theft from a corporate account, but further enquiries exposed many more suspicious transactions.
Officers raided the 53-year-old's home last month 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.
Narayan, of Forde, was bailed to appear in the Supreme Court for sentence on February 28.