After his arrest over one of the biggest tax frauds in Australia’s history, Adam Cranston told the AFP “an amount of money” was hidden on his rural property.
Millions of dollars in stolen taxes flowed into and out of Adam Cranston’s bank accounts as he splurged on sports cars, a private plane and a property portfolio. But Cranston had another, less showy secret – $170,000 in cash buried on his sprawling Hunter acreage.
“This money was concealed in a plastic bag within a cooler,” it reads. “On 5 July 2017, the AFP executed a search warrant at the Vacy property. As a result of the search warrant and Cranston’s assistance, police seized $169,750 concealed in the manner described above.”“The information provided by Cranston was of no value other than the confiscation of funds and therefore the AFP assesses Cranston’s assistance as being of low value,” a senior constable wrote.
Crown prosecutor Rae Sharp, KC, confirmed the “subject matter of the letter” was not the subject of Cranston’s charges.The prosecution submitted funds received by Cranston were put towards the purchase of multiple Mercedes C63 and Porsche Cayenne Turbo S cars, a “Kimberley Karavan”, Scania truck, Toyota LandCruiser, and a $240,000 deposit and loan repayments for a Cirrus SR22 single-engine plane.
In an interview from Silverwater prison in June, according to a report prepared by a forensic psychiatrist, Cranston said he had previously worked in insolvency, “liquifying companies with a large tax debt”. “There were times I would feel really good, feel high and buy [a] Porsche, play with a race car or buy things,” he said. “I was agitated and anxious, constantly worrying about getting caught.”
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