Hugo Jacobs: Sydney millionaire charged at airport before Dubai flight

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

Hugo Jacobs fled after the discovery of cash concealed under concrete flooring in Sydney’s southwest. It was a year after detectives established a strike force to investigate a suspected drug supply ring.

Last Wednesday, detectives carried out raids on two homes including one at Roselands where the cash was found.

Police located a “large quantity” of cash allegedly concealed under concrete flooring in a storage shed.

The cash was seized and is undergoing further examination as it is counted; however, it is estimated to be in excess of $7 million.

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

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

Mr Jacobs on Friday did not apply for bail when his matter was mentioned in the Downing Centre Local Court.

He is due to appear again in Bankstown Local Court next week where he is set to make a bail application.

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

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

Police said investigations under Strike Force Wolara are continuing.

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