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$100m accounting fraud: second man arrested

Date

Patrick Hatch

A second man has been arrested over an alleged fraud scheme that netted $100 million over the course of a decade.

The 49-year-old Lysterfield man was arrested by police on Thursday morning and charged with fraud offences. He will appear at Melbourne Magistrates Court later on Thursday.

Police have investigated more than 40 incidents of fraud alleged to have happened over the past 10 years at a Melbourne accounting firm.

Another man, 55-year-old Bill Jordanou, was arrested and appeared in Melbourne Magistrates Court on Wednesday. He faces 142 charges, including one of perverting the course of justice.

Prosecutor Luke Exell said Mr Jordanou was "alleged to have drawn funds using false client approvals and invoices".

Victoria Police's extortion squad began investigating when Commonwealth Bank discovered that a number of loan applications had been lodged on behalf of clients, which were supported by false documents, Mr Exell said.

Mr Exell said the bank made complaints against Melbourne accounting firm Zaia Arthur & Associates' office, where Mr Jordanou was a "financial adviser".

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