THE alleged mastermind of Australia's largest art fraud, Ron Coles, is hiding out on the Central Coast, driving taxis for a living.

The former multimillionaire art dealer is accused of forging artworks and defrauding clients of up to $30 million.

But when the Sun-Herald found him filling up his taxi at a petrol station in Woy Woy on Thursday night, he said: ``I am also a victim in this I haven't got anyone's paintings. I haven't got anyone's money.''

Mr Coles disappeared 10 months ago after his business dealings unravelled following an investigation by Fairfax newspapers. Police raided properties including his gallery in Kenthurst seizing more than 400 paintings and a firearm.

As creditors, investors, police and media clamoured to find him, Mr Coles lived a secret life, eluding the public gaze until Thursday night, October 22 his 62nd birthday.

After alighting from his taxi near his Central Coast hideaway, he realised he was being photographed. He tried to run but changed his mind, stopping to declare that he, too, was a victim.

``I had to sell all of my property some were worth $3 million and I have done what I can to pay everyone back,'' Mr Coles said.

``I have run out of money. I have nothing.''

When told many people wanted to know where their art investments were and whether they were genuine works or fakes, he said: ``A lot of questions will be answered soon,'' adding that he was a ``good man''.

``You know I have used every cent I had to pay as many creditors.

``I used my last $10 to pay my last creditor and, when I had nothing left, I went on the dole.

``The coppers know I have no overseas assets or anything hidden away. If I'm lucky, I can make about $700 a week that is $10 an hour, $100 a night, driving taxis seven days a week.''

On Thursday night, Mr Coles agreed to talk again on Friday after consulting his Sydney-based lawyer on his legal position.

But on Friday after visiting a ``millionaire mate's'' place in Sydney and taking legal advice from his friend's solicitor he said he could not talk officially about the details of the case because he had not been formally interviewed by the NSW fraud squad.

The Fraud Squad commander, Detective Superintendent Col Dyson, confirmed that his officers had visited Mr Coles several weeks ago.

``Mr Coles was invited to do a formal interview but declined,'' Superintendent Dyson said. Investigations are continuing.