An explosive theory has emerged after the foot of accused conwoman Melissa Caddick washed up on a beach three months after she was reported missing from her luxury home.
The businesswoman disappeared a day after corporate watchdog ASIC executed a search warrant at her $7 million Dover Heights home in Sydney on November 11 after she allegedly stole millions of dollars from investors.
As speculation was rife around what happened to Ms Caddick and whether or not she staged her own disappearance, police confirmed a shoe containing her decomposed foot was found by campers on a beach near Bermagui on the NSW South Coast.
DNA testing on Thursday confirmed the body part belonged to Ms Caddick.
However, Associate Professor of Criminology at the University of Newcastle, Dr Xanthe Mallett, said the discovery of the foot alone did not necessarily confirm Ms Caddick's death.
"When it was just a foot I would caution against the possibility that somebody is deceased. You can survive without your foot," she told Weekend Today on Saturday.
More human were discovered about 6.30pm Friday after drifting ashore at Mollymook, about 150km north of where Ms Caddick's foot was found.
Members of the public reportedly encountered remains including a large chunk of stomach flesh and a belly button.
The remains are in the process of being forensically examined to determine if they belong to Ms Caddick.
If they are found to match her DNA, this would confirm the businesswoman's death, according to Dr Mallett.
"If they are confirmed to be Melissa’s, depending on exactly what remains have been recovered, it certainly looks like she is deceased at this stage," she said.
"We have to wait until more information if anything else is found. A foot I would be sceptical."
Liquidators have alleged Ms Caddick "meticulously and systematically" deceived those who entrusted millions of investment dollars to her over seven years, and then used the money to fund her lavish lifestyle.
Assistant Commissioner Mick Willing on Friday told reporters foul play against Ms Caddick was possible but suicide was more likely.
"Given the circumstances of the disappearance (and) the fact that she left personal belongings behind, we've always considered the possibility that she might have taken her own life," Assistant Commissioner Willing said.
On Friday, one of Ms Caddick’s former clients, Cheryl Kraft Reid, told 2GB she was sad to hear the 49-year-old had been confirmed dead.
“That’s a sad tragic outcome for her son but it’s also just a sad tragic outcome for us because we just don’t get closure,” she said, adding that Ms Caddick had "ruined so many lives".
Ms Reid explained that among her family, they had seven accounts with Ms Caddick, summing up to millions of dollars.
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