A Sydney businessman who faked his own death wanted to collect a £1.5m (€2.2m) life insurance policy in a scam that also involved his wife and daughter, police told a court today.

A former Sydney businessman, officially listed as drowned during a drunken boating mishap five years ago, today admitted he had faked his own death to cash in on a life insurance policy worth 3.5 million Australian dollars (€2.2m).