Gold Coast tycoon extradited

One of the Gold Coast's richest men has been extradited to Sydney after being arrested on charges of running a $67 million tax evasion and money laundering scheme.

Michael Issakidis, 67, has been charged with conspiracy to deal in the proceeds of crime and conspiracy to dishonestly cause a loss to the Australian Taxation Office


Baby Burgess's mate on fraud charge

April 25, 2012 12:00AM


THE businessman who last year sued game show legend "Baby" John Burgess has been charged over a $63 million fraud.

Property developer and managing director Michael Issakidis is accused of masterminding an international money laundering scam.


Police and tax office investigators yesterday seized more than $40 million in luxury assets linked to Mr Issakidis and one of his associates.


They allege the arrest of the Greek-born Issakidis, 67, has dismantled a multi-million dollar tax evasion and money laundering scheme.


Prestige vehicles grabbed from Mr Issakidis and an associate during yesterday's joint Australian Federal Police and Australian Taxation Office raids in Queensland and New South Wales included four Rolls-Royces, a Lamborghini Spyder, an Aston Martin, a BMW and a Mercedes.


Also seized were a waterfront mansion on the Gold Coast, a luxury Sydney property and two yachts.


Mr Issakidis was recently in the news for successfully suing friend and former Wheel of Fortune host Burgess for rent he claimed Burgess owed him for living in his 71st-floor Gold Coast penthouse.


A court ordered Burgess to pay Mr Issakidis more than $30,000 in back rent and costs.


The Herald Sun yesterday broke the news to Burgess that Mr Issakidis had been charged.


"I had no idea about this, but it's best that I not say anything now as it is before the courts," he said.


"Maybe I will say something about Michael when the case is over."


Today's raids followed a seven-month joint AFP and ATO investigation under Project Wickenby and is the largest tax fraud probe since Wickenby was launched in 2006.


Mr Issakidis is the managing director of Queensland-based NeuMedix Health Group, a consortium of 16 investment and technology companies.


It will be alleged in court that through a complex unit trust structure, prices of Australian patents were over inflated once transferred offshore.


Corresponding depreciation expenses were then claimed and a benefit of about $63 million was received over a three-year period.

It will be further alleged these funds were laundered through an account in the UK - and numerous accounts in Hong Kong - before being transferred back into Australia.
 

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ripping off honest Aussies, i hope he goes to jail and all assets seized.

but lol thats how to do ur tax returns 63 mil back for **** not even worth 2 cents.
 
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