A NSW pharmacist accused of defrauding Australia’s Pharmaceutical Benefits Scheme (PBS) has had more than $20 million in assets frozen by the AFP-led Criminal Assets Confiscation Taskforce (CACT), including a luxury mansion, a retail property, seven BMWs, two Ferraris, two Lamborghinis and a McLaren.
AFP CACT Commander Jason Kennedy said targeting the wealth of alleged offenders sends a clear message.
“By seizing the assets of offenders driven by greed, we strike at the heart of their motivation – personal profit,” he said.
“Recovering illicit gains removes the incentive that fuels these crimes. Offenders often view asset confiscation as more punishing than a prison sentence.”
The investigation began in February 2023 after a referral from the Department of Health and Aged Care raised concerns over suspicious PBS claims made between 2014 and 2023. The alleged fraud is estimated at over $10 million.
AFP officers executed search warrants at the 58-year-old man’s residence in Dural and a pharmacy in Cabramatta East. He was subsequently charged with two counts of dealing in proceeds of crime worth over $1 million and two counts of dishonesty causing a loss to the Commonwealth. These charges carry maximum penalties of 25 and 10 years’ imprisonment, respectively. He is currently on bail and due back in court on 6 June 2025.
Following the searches, CACT suspected that many of the man’s high-value assets were proceeds of crime and on 22 May 2025, successfully applied to the NSW Supreme Court to restrain them under the Proceeds of Crime Act 2002.
Among the frozen assets are:
- A mansion in Dural, NSW
- A business premises in East Cabramatta, NSW
- Multiple bank accounts
- 12 vehicles: seven BMWs, two Ferraris, two Lamborghinis, and a McLaren
The restrained assets are now under the management of the Australian Financial Security Authority (AFSA). If legal proceedings are successful, AFSA will liquidate the assets and place the proceeds in the Commonwealth Confiscated Assets Account (CAA). These funds are reinvested into crime prevention, law enforcement, and drug rehabilitation initiatives.
The CACT includes representatives from the AFP, Australian Criminal Intelligence Commission, Australian Taxation Office, AUSTRAC, and Australian Border Force.
Support our Journalism
No-nonsense journalism. No paywalls. Whether you’re in Australia, the UK, Canada, the USA, or India, you can support The Australia Today by taking a paid subscription via Patreon or donating via PayPal — and help keep honest, fearless journalism alive.
