Deloitte Australia chief govt Adam Powick admits to investing in alleged Ponzi scheme

The buyers mentioned one other difficulty was preferential funds, which contain early buyers recouping their capital and typically further curiosity funds unwittingly on the expense of these later lured to the suspected scheme.


Endow promised buyers big returns of as much as 40 per cent with zero danger for lending him cash to purchase what he claimed had been Indian government-issued bonds.

Buyers, who along with over a dozen Deloitte companions embrace senior executives from consulting and IT corporations throughout Australia, instructed The Age and The Sydney Morning Herald they had been satisfied to ship funds to a number of private accounts Endow was working throughout the massive 4 banks.

“The promised returns are clearly eye-watering and may have raised main pink flags,” mentioned one supply, who requested to stay nameless as a result of he was not authorised to remark.

Endow claimed the Indian bonds had been linked to a big, ongoing authorities infrastructure program referred to as the Pradhan Mantri Gram Sadak Yojana that’s working to enhance India’s rural street community. Endow mentioned he was servicing the mission as a contractor, based on paperwork he offered to buyers.

Buyers who spoke on the situation of anonymity because of the sensitivity of ongoing investigations instructed this masthead earlier this week that when Endow was pitching the funding, a key promoting level was that they had been instructed Powick was an early investor.


Endow allegedly mentioned to them that Powick had been at his wedding ceremony in India, alongside different senior companions, and it was there that the concept for the overseas direct funding scheme was created.

“That’s how he roped me into it, by mentioning Adam’s identify,” mentioned one investor. “On the time, it influenced me and others to hitch the scheme.”

One other investor mentioned it introduced “much more belief” to the funding.

“It legitimises it, and these are all profitable distinguished individuals [who invested],” he mentioned. “We trusted this man … I believed it was pretty protected due to who was concerned.”

“At no stage have I ever inspired or invited anybody to be a part of this funding.”

Deloitte CEO Adam Powick

A Deloitte spokesperson on Wednesday had declined to reply questions and in response to questions directed to Powick mentioned: “Deloitte doesn’t touch upon the private investments of our companions.”

Endow’s pitch additionally centred on his personal place at Deloitte, the place he had labored his manner as much as a senior position of lead associate of robotics and automation, together with the very fact a number of Deloitte companions had been buyers in his scheme.

Endow promised buyers big returns for lending him cash. A 2019 pitch doc mentioned those that offered greater than $250,000 had been assured returns of 39.02 per cent over six months. An up to date 2022 doc outlines returns of 29.19 per cent over six months on investments of $950,000 or extra.

A number of buyers have made complaints of fraud to police in New South Wales and Victoria. Police in each states are investigating.

Sources not authorised to talk publicly mentioned the Australian Securities and Investments Fee had additionally obtained a number of stories concerning the suspected fraud in late December and January, and had contacted police to help them of their inquiries.

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