An expert report suggests it's unlikely accused Sydney fraudster Melissa Caddick amputated her own foot to stage her disappearance, an inquest has been told.
The 49-year-old vanished in November 2020, hours after the Australian Investment and Securities Commission (ASIC) raided her Dover Heights home, in Sydney's eastern suburbs.
Three months later, her decomposing foot washed up on Bournda Beach, on the NSW south coast, and police believe Ms Caddick is dead.
Liquidators are attempting to recoup some of the $23 million she allegedly stole from investors through a Ponzi scheme, as a parallel case proceeds through the Federal Court.
The court heard the last verified sighting of Ms Caddick was by ASIC and Australian Federal Police officers just before 6.30pm on November 11, 2020, when the raid was completed.
The opening day of the inquest heard orthopaedic surgeon David Lunz was asked to provide an expert opinion on how the foot became separated from the body and the possibility of self-amputation.
According to his report, it would be "extremely difficult" for a non-medically trained person to do this, or amputate someone else's foot.
Junior Counsel Assisting the inquiry Louise Coleman told the court that it was Dr Lunz's opinion the process would result in significant blood loss and create a very high risk of infection.
It would also create the need for a prosthesis, the court heard, and any prosthetist who was consulted likely would have raised questions about the wound.
"Having regard to that evidence, your Honour may form the view that it is very unlikely that Ms Caddick has amputated her own foot, with or without the assistance of a non-medically trained individual, in order to stage her disappearance," Ms Coleman said.
Earlier, the inquest heard an autopsy couldn't determine if the washed-up foot was separated as a result of decomposition or force.
During an opening address, Counsel Assisting the coroner Jason Downing said while DNA analysis confirmed the foot belonged to Ms Caddick, it was not possible to determine how it became separated.
He said the date and place of Ms Caddick's suspected death are the subject of "significant uncertainty" and flagged the possibility of the inquest resulting in an open finding.
The court was also told that forensic psychiatrist, Kerri Eagle, performed a retrospective assessment based on medical records, witness statements, and police material.
She concluded Ms Caddick didn't have a diagnosable mental health condition when she disappeared, but likely would have satisfied the criteria for narcissistic personality disorder.
Mr Downing foreshadowed evidence from friends who observed Ms Caddick to be under significant financial pressure in 2020.
The court heard that, during a walk to cliffs, she once remarked: "If I'm going to end it, it's going to be here".
She had also previously made a separate reference to being found at "the gap" if it "all gets too much".
The inquest was also played police body-worn camera footage showing Ms Caddick's husband, Anthony Koletti, speaking with two officers about a day after he claimed to have last seen her.
He tells police she was "shaken" by an ASIC raid on their home, and had no money, bank cards or keys with her.
"You could imagine we've worked very hard for what we have ... it's completely out of character for her," Mr Koletti said in the video.
He described his wife as being very "resourceful".
The inquest was told NSW Police did not conduct a crime scene examination of Ms Caddick's home or their two vehicles until 19 days after she was reported missing.
The court heard Ms Caddick's relatives have expressed concerns about how she was treated during the 12-hour raid.
The inquest is expected to hear evidence about ASIC's risk assessment protocols prior to the search.
It will continue for the rest of the week and then resume for a second week on September 26.
