Sydney Businessman Hugo Jacobs Arrested At Airport More Than $7 Million In Cash Found Under Floor

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A businessman, a millionaire once acquitted of murder, has been arrested while allegedly trying to flee to Dubai.

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Divorce, bankruptcy and citizenship issues – these are all matters that can take you to court. But not all courts are created equal.

Hugo Jacobs appeared in court on Friday after being arrested at Sydney airport when he tried to board an international flight.Source: News Limited

A businessman, a millionaire once acquitted of murder, has been arrested while allegedly trying to flee to Dubai after $7 million in cash was found hidden in a Sydney house.

Hugo Jacobs fled after discovering cash hidden under concrete floors in southwestern Sydney. It was a year after detectives set up a strike force to investigate a suspected drug gang.

Last Wednesday, detectives raided two homes, including one in Roselands where the money was found.

Hugo Jacobs leaves the NSW Supreme Court in 2008.

Hugo Jacobs leaves the NSW Supreme Court in 2008.Source: News Limited

Police found a « large amount » of cash, allegedly hidden under a concrete floor in a storage shed.

The money has been seized and is under further investigation as it is counted; however, it is valued at over $7 million.

Jacobs, 39, was arrested just after 9pm on Thursday at Sydney International Airport when he tried to board a flight to Dubai.

Hugo Jacobs has been charged after being arrested at Sydney airport on Thursday night.

Hugo Jacobs has been charged after being arrested at Sydney airport on Thursday night.Source: News Limited

He was taken to Mascot Police Station, where he was charged with knowingly handling the proceeds of crime.

Jacobs did not apply for bail on Friday when his case was called in Downing Center local court.

He is due to appear in Bankstown again next week, where he will file a bail application.

Police arrested Hugo Jacobs after detectives seized about $7 million in cash hidden under concrete floors in southwestern Sydney last week.  Image: delivered.

Police arrested Hugo Jacobs after detectives seized about $7 million in cash hidden under concrete floors in southwestern Sydney last week. Image: delivered.Source:Supplied

Jacobs was acquitted in 2008 of the execution-style murder of Kings Cross identity Todd O’Connor in Tempe Park.

Mr. Jacobs was previously known as Hachem Ibrahim, although he is not related to the well-known Ibrahim family.

Police said the investigation under Strike Force Wolara continues.

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