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A nine-year-old has left his parents fuming – and out of pocket – after blowing their life savings on sweets.

The boy, whose family come from Ukraine, took around $4000 in life savings which his parents had kept hidden under their couch, reports the Russian news agency RIA Novosti.

During school holidays, he took a small amount of the cash every day to buy sweets with which he then shared with friends, until the life savings were gone.

However, news reports claim he was assisted by a man, who helped him in exchange for a cut of the money in every transaction.

When the boy's father returned home from work one day and discovered the cash was gone he immediately went to the police but were told they could not get any of their money back.