Please Explain podcast: Where is Melissa Caddick and how did she allegedly con people out of $40 million?

Frantic investors are worried that missing Sydney woman Melissa Caddick may have misappropriated up to $40 million of their funds before she mysteriously vanished last month.

For the past six years, the 49-year-old was allegedly operating a Ponzi scheme in which money from later investors was used to pay earlier investors, with one individual putting in $5 million.

The money would be deposited into the Commonwealth Bank account of her company, Maliver. She would create a bogus share trading account for each new client and tell them that they were making dazzling returns of up to 30 per cent.

As liquidators search for the missing millions, details of her spending have emerged including luxury holidays around the world and a personal jewellery collection worth $3 million.

Friends and clients believe Ms Caddick may have been aware she was under investigation for six months. By August, she'd erased herself from social media and in September, started a file-shredding operation.

As the authorities closed in Ms Caddick vanished, leaving confusion and court cases in her wake.

In this episode of Please Explain Daily, Sunday Age editor David King and senior investigative journalist Kate McClymont to discuss the disappearance of Sydney woman Melissa Caddick.

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