Business partner committed suicide after falling out with ATO conspirators

THE investigation into one of Australia’s biggest alleged tax fraud scams has taken a fatal twist as it can be revealed one of its original architects committed suicide after falling out with his key business partners.

THE investigation into one of Australia’s biggest alleged tax fraud scams has taken a fatal twist as it can be revealed one of its original architects committed suicide after falling out with his key business partners.

Former King’s School student Peter Larcombe, described as “dapper” and a “bon viveur”, left his swanky life in Double Bay to lie low in Dubai and Los Angeles for several years before taking his own life by jumping off a building in the US.

Sources say the married father of two, 38, a close business associate of beleaguered Adam Cranston, who is at the centre of Australia’s alleged $165 million tax fraud, was “deeply depressed” at the time of his death on August 19 last year.

“He had fallen out with his business partners and was on the run for years, telling everyone he was travelling but, really, he was depressed and in financial trouble and was trying to get away from those he owed money to,” a source said.

Ten people have been arrested over a $165 million tax fraud investigation, including Adam Cranston, the son of ATO deputy commissioner Michael Cranston. Picture: Paul Miller

“The word was he had fallen out with his business partners and moved to Dubai but they caught up with him and they then did the same when he left for LA.”

A former colleague, who asked not to be named, said several years ago Larcombe erased all traces of himself from social media.

Adam Cranston leaves Sydney Police Centre after being released on bail on Thursday. Picture: Dylan Robinson

“He told me he was going travelling, but who travels the world for years without working? He was a bon viveur and loved smart clothes and food, and suddenly he left all that behind and took himself off Facebook and all social media,” he said. “It was odd that he left so suddenly.”

Larcombe was pronounced dead at the scene in LA last year with a coroner’s inquest ruling he had committed suicide. A spokeswoman for the LA County Department of Medical Examiner yesterday told The Saturday Telegraph: “It’s very sad, the verdict was suicide; he died from multiple traumatic injury.”

Search warrants for this week’s raids across Sydney show police were looking to probe information relating to Larcombe. Also named on the warrant list is Cranston, with whom Larcombe set up investment firm Aventis Capital.