The 25-year-old woman was contacted over the phone on February 17 and told by the man that she owed a tax debt.

Following his orders, she withdrew $15,500 from her savings account and handed it to an unknown man the next day on Blackwood Street, North Melbourne.

He took the money and left immediately, with the woman later that day contacting police after questioning the transaction's legitimacy.

Victoria Police have released images of the suspected con man, who was wearing a red top underneath a suit blazer.

He is described as of Indian descent, about 170-180cm tall with short black hair and a floppy fringe.

Anyone who recognises him should contact Crime Stoppers.

Australian Associated Press