Jimmy Koufos, 53, the founder of GAP Finance, was arrested at his Sydney home last Thursday and granted conditional bail the following day at Waverley Local Court. Authorities allege Koufos misappropriated hundreds of thousands of dollars from multiple victims over a five-year period, falsely claiming the funds were being used to purchase NDIS-related residential properties.

Instead, police say the money funded a lavish lifestyle in Sydney’s eastern suburbs.

Back in 2015, Koufos gained publicity through a media call where he claimed to be trying to help an elderly man captured by Agence France-Presse collapsing outside a Greek bank during the financial crisis.

While Koufos did not formally represent the NDIS, investigators claim he charged substantial fees under the guise of providing NDIS-compliant properties and services. One alleged victim reportedly lost her entire life savings—transferring $465,000 from her self-managed super fund to Koufos for investment in “short-term defence loans,” which he allegedly misused for personal gain.

Court documents also revealed Koufos allegedly fabricated a degree from the University of New South Wales to enhance his credibility. Additionally, police noted links to a company named Kousold Property Holding, co-listed with controversial NDIS provider Denise Clissold—who was exposed by A Current Affair last year and has since been banned from NDIS involvement for two years.

Koufos denied any affiliation with Clissold in the 2023 expose, claiming he had never worked for or received payment from her and considered himself a victim of her dealings.

The ongoing investigation, which began in June 2024 under the Tuggerah Lakes Police District, is examining Koufos’ business conduct and NDIS-related transactions. During a search of his residence, authorities reportedly seized numerous financial records and electronic storage devices.

The case adds to growing national concerns over fraud within the NDIS, which the federal Labor government has flagged as a budgetary pressure point, with the scheme expected to outpace Medicare and defence spending within the decade.

A NSW Police spokesperson confirmed additional alleged victims have since come forward, and further charges are under consideration.