Another Sri Lankan-born turns into a scammer in Australia

20 October 2023 03:49 pm - 19 - {{hitsCtrl.values.hits}}

A A A

A Sri Lankan-born Melbourne financial planner, Terence Rio Rienzo Nugara, accused of pilfering about $10 million from the superannuation funds of vulnerable clients, pleaded guilty in the County Court last month to 37 charges of obtaining a financial advantage by deception and two of theft, Australia’s The Age news agency reported.

On September 26, he pleaded guilty in the County Court to 37 charges of obtaining a financial advantage by deception and two of theft. As a result of his deception, he stole a total of $10,152, 061 from 38 Australian victims.

With his millions, he took off overseas in 2019, living for three years between Mexico, Costa Rica, Panama, Nicaragua, Sri Lanka and Singapore. The money he stole funded an extravagant lifestyle.

“The money went on living expenses, lifestyle choices he made,” his barrister, Mark Sturges, told the court. “The money was spent on things such as his race cars, he was involved in race cars; a helicopter; boats; living expenses. It was offending, as it’s known in the courts, motivated by greed.”

In Mexico, Nugara sought new investors in an online gambling platform, but he was kidnapped in an extortion attempt. He sought help from the Australian embassy, where he learned about the warrant for his arrest.

The court heard he tied up affairs overseas and returned to Australia, to be handcuffed by police at Melbourne Airport last October.

Nugara encouraged investors to convert their superannuation to self-managed super funds, giving them flexibility to invest in his property deals.

Between September 2014 and January 2018, police said, he transferred money from the accounts of 38 victims into his own personal accounts to use for his personal gain.

He is currently incarcerated at the Ravenhall Correctional Centre and has served 336 days of pre-sentence detention. He did not have a previous criminal record.

Melbourne Magistrates’ Court heard in October last year that Terence Rio Rienzo Nugara allegedly used his position as representative of Financial Services Partners to convince friends and clients to transfer him millions of dollars, which he promised to invest in luxury serviced apartments.

Nugara is to be sentenced in October.

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Comments - 19

roobarbie Friday, 20 October 2023 04:35 PM

Fully qualified to become either the President, PM, Finance Minister or the Governor of Central Bank. What a great cricket player with other people's money.

Sri Lankans "shine" Friday, 20 October 2023 04:35 PM

Remember Sri Lankans take their culture to all parts of the world. What's their culture? Dishonesty (as seen in almost all their politicians)

Adwani Friday, 20 October 2023 05:32 PM

SL and Sri Lankans are now well known in other countries for corruptions.

Best Friday, 20 October 2023 05:46 PM

Genetically inherited patological greed is hallwark of srilankan identity

Kadija nazim Saturday, 21 October 2023 11:54 PM

Just because of one or two lousy bugs bites you..its the norm to kill all bugs...case in point srilankans..

Son of SL Friday, 20 October 2023 07:51 PM

A true son of mother Lanka Proud of you Mr Nugera.

Mk Friday, 20 October 2023 08:21 PM

So? There are no ameican born, european born, indian born, chinese born, australian born scammers?

Ravi Friday, 20 October 2023 08:32 PM

He should have been a politician. In Sri Lanka.

Punchi Friday, 20 October 2023 10:19 PM

There is another one our our patriots just convicted in Melbourne “Navishta Desilva has pleaded guilty to fraud after stealing $250,000 from his workplace and using the money to lure international cricket players to Australia to represent his local club”

Amaran Saturday, 21 October 2023 02:04 AM

Politicians, particularly PARLIMENTARIANS, should set themselves as examples to public. In Sri Lanka, what is happening? The people who elect them to be blamed. Eg: Central Bank BOND SCAM, Tunami fund, High Level Corruption etc etc.

Fred Saturday, 21 October 2023 03:32 AM

Disgusting. Are they planning a Welcome Home party for him now in SL to celebrate his exploits in Melbourne scamming vulnerable people It really has become a sick society

Jagath Ekanayake Saturday, 21 October 2023 07:06 AM

Was his mother anywhere near Medamulana, Hambantota during the conception?

Alan Saturday, 21 October 2023 09:25 AM

This is becoming a habit for Srilankans. I hope the world doesn’t label us as the new Nigerian scammers.

Gamini Peris Saturday, 21 October 2023 11:40 AM

He is good to become Sri Lanka’s next President

Pushpa Saturday, 21 October 2023 03:01 PM

He was in Singapore.Wonder if he scamed the people.

HorA POOZA Saturday, 21 October 2023 10:43 PM

Small time guy, pales to insignificance with our stinky politicians.he should have sought prior training and advice from them.

Sinhawalli Palaman Sunday, 22 October 2023 02:47 AM

how did he go to Australia? May not be a migrant!

Helpless Citizen Sunday, 22 October 2023 05:17 AM

It must be noted that this person has been charged for allegedly stealing money but his intention to bring star cricketers to Australia is good. Our ministers get commissions and bribes to import outdated and low-quality medicines and kill patients, give contracts to unsuitable contractors for mega projects, protect murderers and members of drug cartels, and protect wrongdoers.

Ismet Zaheed Monday, 23 October 2023 06:10 PM

A good replacement for either Ranil Rajapakse or Mynah Rajapakse!

Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Another Sri Lankan-born turns into a scammer in Australia

Comments - 19

Add comment

RECOMMENDED

‘Spike in blast fishing’ poses renewed threats to Sri Lanka’s marine ecosystems

UDA owned land in Thalawathugoda; UDA Minister Prasanna Ranatunga under the spotlight for forceful occupation of reserved land

Loss-making SMIB faces political pressure in recovering loans

Baltimore Bridge Collapse: MV Dali, SL authorities anchored in mystery?

Has Sri Lanka become a potential hub for the illegal wildlife trade?

Spotlight on Moragahakanda Development Project Moragolla villagers lose livelihoods and down to one meal a day

Ambitious Sri Lankan jobseekers ‘trafficked into Ukraine war zones’

Most Viewed in News

Oil and gas exploration halted by prolonged legal dispute

Sri Lanka now has highest visa costs in Asia: Tourism stakeholders

AstraZeneca admits for first time its COVID vaccine can cause rare side effect

Controversy over foreigners issuing on-arrival visas at BIA

Not AirAsia bidding to acquire SriLankan: Capital A CEO clarifies

Gota fires back at Cardinal, rebuts allegations

MIRROR CRICKET

World Cup finalist named in USA T20 World Cup 2024 squad

Co-hosts West Indies announce squad for T20 World Cup

LPL 2024 Player Auction on May 21

ICC announce Match Officials for ICC Men’s T20 World Cup 2024

TODAY'S HEADLINES

Protesting medical students tear-gassed

Fisherman arrested for amassing Rs.90Mn assets beyond his means

Sri Lanka drops 15 positions in World Press Freedom Index: Ranks 150

Young Lawyers flay Tiran for calling eliminating criminals not a sin

World Cup finalist named in USA T20 World Cup 2024 squad

Co-hosts West Indies announce squad for T20 World Cup

LPL 2024 Player Auction on May 21

ICC announce Match Officials for ICC Men’s T20 World Cup 2024