A man has been charged following an investigation into an alleged fraudulent betting syndicate operating out of the state's Central West as a punters club.
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In March this year, detectives from the Organised Crime Squad's Casino and Racing Investigation Unit (CRIU) established Strike Force Elaroo to investigate allegations of large-scale fraud through a 'punters club' style betting syndicate.
Following inquiries, strike force investigators arrested a 53-year-old man at a home at Mudgee about 1.30pm on Wednesday.
A search warrant was executed at the property, where officers seized computers, phones and documents.
The man was taken to Mudgee Police Station, where he was charged with nine counts of dishonestly obtain financial advantage by deception.
Police will allege in court the man had been accepting money from individuals to invest in a betting syndicate based on horse racing since December 2018, and when he allegedly failed to pay out guaranteed return dividends and ignored requests to repay initial investments totalling $210,000, the matter was reported to police.
The man was refused bail to appear via video link at Dubbo Local Court on Thursday.
Police say investigations under Strike Force Elaroo are continuing.
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