An ex-detective has revealed what he believes happened to alleged conwoman Melissa Caddick whose decomposed foot inside a shoe was found washed up on a beach.
Gary Jubelin, the former chief detective in the William Tyrrell case, told 2GB on Thursday he believed she was dead, but added he did not believe she acted alone in her alleged Ponzi scheme.
Ms Caddick disappeared from her Dover Heights home in Sydney's east in November a day after corporate watchdog ASIC executed a search warrant at her home.
In the days before Ms Caddick was last seen, the Australian Federal Police raided her home, froze her 17 bank accounts and banned her from leaving the country after she allegedly deceived investors who handed millions of dollars to her over seven years.
In February her decomposed foot was found washed up on the shoreline at Bournda Beach, near Tarthra, on the NSW South Coast.
The rest of her body has not been found, sparking speculation she may still be alive.
Police however believe she is dead and Assistant Commissioner Michael Willing told reporters foul play was possible, but suicide was more likely.
Caddick theory 'not realistic', Jubelin says
Jubelin weighed in on the mystery on Thursday, saying he believed Ms Caddick was dead.
However he added police should speak to people in her "peripheral" to get an insight into how she was feeling before she went missing.
"There's a number of theories going around with what's happened and there's nothing set in concrete," he said.
"I agree with what's been said, she's deceased. The speculation that she might still be alive I don't think is realistic – she's dead."
Jubelin said those known to Ms Caddick could hold vital clues as to what happened to her and believed she was not operating her alleged Ponzi scheme alone.
"I don't think she could have been involved in that (alleged criminal behaviour) on her own," he told 2GB.
"I would be looking at people that might have been on the peripheral, or might have been aware of it, because I'm sure she would have spoken to someone after the bubble burst and she realised people were onto her.
"Those people might know what her mindset was and have answers to the mystery."
Jubelin, the former lead investigator in the case of the disappearance of William Tyrrell, quit the NSW Police force in 2019. He was last year convicted and fined for illegally recording four conversations during the William Tyrrell investigation.
Criminal charges against Ms Caddick were dropped by ASIC last month after they laid almost 40 charges against her and issued a warrant for her arrest.
ASIC confirmed the charges would be withdrawn, as had the warrant, to enable the civil proceeding to go ahead.
Civil proceedings against Ms Caddick and her company, Maliver, continue.
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