A BRITISH man who stole more than $700,000 from the bank account of an Australian business spent the money in just two days as he funded a highrolling lifestyle.

James Molloy used a malware infection to transfer the money from UXC Connect Pay Limited.

Following an Australian Federal Police tip-off, authorities in the UK began investigating and seized CCTV from Porsche, Harrods, Watch Gallery, De Beers, and Prestons, which showed Molloy trying to spend the money as fast as he could.

media_camera Convicted UK fraudster James Molloy stole more than $700,000. Picture: City of London Police

Last July Molloy, from Liverpool in England’s north west, opened a National Australian Bank (NAB) personal bank account using his British passport and UK driving license as forms of identification.

Three months later NAB was alerted to a malware infection, in which $711,757.20 had been debited from the business account of the company, which has offices across Australia.

The money was credited to Molloy’s account.

Investigators discovered that Molloy was spending the money on expensive cars and jewellery in Surrey and west London, with the account emptied of all its funds.

Between October 7 and 9 last year, he bought a number of Rolex watches, a diamond engagement ring for $65,500 and a number of items in department store Harrods, including two Chanel handbags priced at $7,560 and $6,530 and ‘Billionaire’ clothing to the value of $9,300.

He also tried to buy a Mercedes E220D AMG for $74,700, an Audi Q5 for $64,000, a BMW 440i M Sport for $60,000, a Porsche Cayenne for $176,000 and a Volkswagen Golf GTI for $58,500.

But after they were contacted by NAB, the retailers did not release the vehicles.

Detectives from the City of London’s Money Laundering and Investigation Unit (MLIU) carried out a warrant in St Albans, 30km north of London, and found one of the Chanel handbags and $45,000 in British cash.

media_camera Molloy also bought two Chanel handbags (not pictured) with the stolen cash. Picture: Patria Jannides

Police tried to get Molloy to hand himself in when they contacted him over the phone but he refused.

He was eventually arrested on March 24 this year at a passport office in Liverpool. He was in the process of applying for a passport in another name.

Two men and a woman have also been arrested and the investigation is ongoing.

Molloy pleaded guilty to nine charges of converting criminal property and was jailed for two years and eight months when he appeared at Southwark Crown Court this week.

Detective Inspector John Ellis said: “Motivated by money and greed, Molloy’s foolish actions have been exposed and we hope (the) sentencing serves as a warning to others.

“I would like to thank the Australian Federal Police for their co-operation and involvement in the case.

“We are committed to putting a stop to money laundering and recovering the proceeds of crime. “This case highlights the point that justice will be served to those who commit crime.”

david.hurley@news.com.au

@davidhurleyHS