SA Police allege the man was involved in the management of victims’ self-managed superannuation funds by acting as their investment manager, allegedly sending their investments to overseas locations before losing their funds.

“The victims’ investments were allegedly sent to overseas locations and initially provided strong returns; however, they could not be accessed by the victims and their funds were lost. The victims were then asked to provide further funds to recoup their losses,” SA Police said in a statement.

The man, who was denied bail and is currently in remand, will now face further action after officers from the Cybercrime Investigation Branch reported that he had attempted to dissuade two witnesses from providing evidence in relation to being victims of deception offences.

Police will allege that the man took steps to have victims in the matters not proceed with allegations against him.

“South Australia Police will not tolerate any course of conduct to dissuade or attempt to dissuade a witness from providing evidence and will take positive steps to ensure the integrity of any court proceeding,” said Detective Sergeant Martin Burke of the Cybercrime Investigation Branch.

SA Police have urged people wishing to invest their superannuation in investment schemes at overseas locations or “tax havens” to be extremely vigilant.