Shop
A former Australian GT Championship driver is in custody having been charged with 35 counts of obtaining financial advantage by deception.
Terence Rio Rienzo Nugara, more commonly known in motorsport circles as ‘Rio Nugara’, was arrested at Melbourne Airport earlier this week after three years living overseas, reports Melbourne’s The Age newspaper
The scale of the deceit allegedly totals at least $9 million although, according to Detective Senior Constable Branka Jurilj, ongoing investigations have raised the possibility of another $2.9 million being added to that figure.
In his capacity as a financial planner, Nugara is alleged to have tricked investors, some of whom were friends including one who attended the christening of his daughter, into putting superannuation funds into luxury serviced apartments.
Police claim he used his position at Financial Services Partners to change client’s superannuation funds to self-managed, and hence had access to invest in property developments in Victoria and Bali.
He is furthermore alleged to have transferred money into his personal accounts for personal gain.
When the returns were not forthcoming, Nugara ceased contact and flew to Bali in August 2019, alleges the Financial Crimes Squad.
He is said to have also spent time in Mexico City and Costa Rica before returning to Melbourne on Tuesday, where he was arrested.
The 49-year-old was refused bail and is due to face a committal mention hearing on January 18, 2023.
