Police hunt alleged $8.7m Melbourne property swindler and warn of ‘pig butchering’ scams | Housing

Law enforcement agencies are on the hunt for a man accused of stealing millions from property market investors as police warn Australians to be on guard against “pig butchering” scams before Valentine’s Day.

A Victorian man is alleged to have fleeced wannabe property market investors of $8.7m by claiming to be a developer who offers to help people demolish their homes and build townhouses in their place.

When they hand over the money, their developments are then bought out by other investors without any work taking place and the man flees. The sums stolen range from $20,000 to $2.1m.