Posted October 10, 2018 09:13:22A two-bedroom residential apartment in Melbourne’s suburb of Akari has gone from a property that had been valued at $2.6 million to about $2 million in the space of a year, after an alleged fraudster made payments of $4,000 to buy the property and then sold it to a second buyer.

The property, located on an area that has been known as ‘The Shores’ since it was established in 1894, has since been refurbished, and now boasts a spacious courtyard, outdoor pool and a balcony.

The house, which has two bedrooms, had previously been valued around $1 million, but a new buyer made a $5,000 deposit to purchase it, before selling it to another buyer who subsequently made $2,500 payments.

The second seller is understood to be a second mortgage company, and paid $1,500 each month to buy and repair the property over the next five years.

The owner of the property, whose name is not being released, said the transaction was a fraud.

“The scam is real and the owner has been charged with money laundering and has pleaded guilty to it,” he said.

“It’s an absolute scam.”

My house is not worth anything.

I am devastated.

“If you’re thinking of buying a property in Australia, do yourself a favour and check it out.

It’s not worth a dime.”

Mr Smith said he would not be renting the property again, despite the fraud charges, and was not involved in the new owner’s business.