They allegedly cut the strap of the bag he was carrying from behind and took off with it to a waiting taxi.
The bag contained a huge amount of hard cash and bank cards.
Meanwhile in a separate case, an 18-year-old boy charged with burglary will reappear before the Court on January 5th for burglary.
The boy is alleged to have stolen a bag containing cash and valuables worth around nine-thousand-dollars from a residential home at Vura Heights.
It is alleged the boy with another young man cut the window mesh wire of a bedroom window using a 44-gallon drum to stand on from outside.
They allegedly used a long stick to reach the bag and pulled it to the window after cutting the wire.