UPDATE: A bank in Kangaroo Flat has also been duped out of a substantial amount of money in a similar fashion.
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Sergeant Damien Keegan said a man with a similar description to the one that visited an Epsom business also visited the bank on the same day.
"He has asked for a substantial amount of $100 bills to be changed into $50 notes," Sergeant Keegan said.
"Then he has asked for ti to be changed into Euros, which the bank can't do. When he asked for his $100 notes back he has returned the $50 bills but kept some back."
The man is described as Indian, about 175cm tall and wearing a baseball cap with a white question mark on it and a black puffer jacket.
Police beleive he is driving a Ford sedan with a NSW registration of YZW 164.
Anyone with information about this crime should contact bendigo Police on 5448 1300 or Crime Stoppers on 1800 333 000.
EARLIER: Bendigo police are urging businesses to be mindful when breaking down large amounts of cash.
The warning comes after a large retail business in Epsom was duped out of money on July 17.
Sergeant Damien Keegan said a man approached the business with a large amount of $100 notes and asked for them to be broken down into $50 notes.
After the business complied, the man asked for smaller notes again.
When the business couldn’t provide the change, the man asked for his $100 notes back and, when returning the $50 bills, subtly kept notes back.
The business did not realise the theft-by-deception until it counted its takings and went back through CCTV.
“It is a bit of sleight of hand (on the criminal’s part). Businesses need to be mindful if someone approaches them to swap $100 bills,” Sergeant Keegan said.
“The bills are legitimate but when they are swapped down, another story comes out about needing smaller bills.
“The man then gives back a bunch of fifties that is missing a few.”
Sergeant Keegan said the warning was mostly for larger retail businesses that carry more money and can break down bigger bills.
“It is obtaining property by deception but it is important to get the warning out,” he said.