A 56-year-old Kaleen man will face court accused of defrauding a Canberra businessman of more than $4.1 million. 

In 2019, a family member who had jointly taken over the operations of the business reported to police a series of suspicious payments.

Police say that forensic examination of the transactions identified a significant number payments being made either to entities controlled by the 56-year-old or to cash. Subsequent examinations of the 56-year-old’s accounts showed corresponding transactions made into accounts he controlled, including his home loan account, credit card accounts and transaction accounts.

Between 2016 and 2019, police will allege the man defrauded the business owner of more than $4.1 million.

Police searched the man’s home on Friday and subsequently arrested him at his place of work.

He is facing 178 counts of obtaining property by deception, two counts of attempting to obtain property by deception, one count of conducting a transaction to avoid threshold reporting requirements and one count of money laundering.

A restraint order has been issued over the man’s Kaleen home.

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