Two Greek Australian brothers from Rye have been accused of conning a close family friend, according to a report in the Herald Sun, last week.
George Vouranis, 39 helped his brother John to receive two loans in total of $583,000 from the victim.
The money was to be invested to a development in Sunshine, but the supposed units were never constructed, the court heard.
Additionally, evidence given to the court revealed that the brothers had also redirected the mail of the victim leaving him in the dark as to the repayment of the loan.
The victim had secured the loan by mortgaging two of his properties. One of the two brothers was the godson of the victim’s father.
George Vouranis pleaded guilty to two counts of obtaining property by deception. His defence attorney told the court that his client was bankrupt and that his brother was under psychiatric treatment after a failed suicide attempt.
George Vouranis is on bail and will be sentenced at a later stage. John Vouranis is expected to plead guilty to 19 fraud charges in April.