Footy star Trent Merrin hits back after police raided his home and arrested him for allegedly stealing $140,000 from his own teammate

Ex-NRL star Trent Merrin has claimed he paid a former teammate 'seven times' what he invested in a cryptocurrency scheme after being charged with allegedly stealing $140,000 from the man.

Merrin, 36, was arrested during a police raid on his NSW south coast home on November 4 and charged with dishonestly obtaining a financial advantage by deception after officers began an investigation late last year.

Police will allege the former Penrith Panthers and St George Illawarra Dragons star stole $140,000 in cryptocurrency from his former teammate Kaide Ellis, according to News Corp.

Now Merrin's lawyer Paul McGirr has hit back at the accusations.

'Mr Merrin will vigorously defend these allegations,' McGirr said.

'He's a successful businessman with an impeccable record that he stands by.

'Not only did he make a full, documented payment to this alleged victim, but that payment was seven times the initial investment.

McGirr told News Corp that details to prove his client's claims will be 'revealed in the court case'.

'An agreement was made [between Merrin and Ellis] but unfortunately, none of it was in writing,' McGirr claimed.

'As I stress for all business deals, it is always important to have contracts in writing - unfortunately, that wasn't the case in this instance.'

Ellis notified police about the allegations almost a year ago after Merrin started convincing him to invest in cryptocurrency in 2021, the report states.

Merrin allegedly had the password to the Bitcoin wallet where the money was kept, which could have allowed him to access the funds.

Officers seized several electronic devices from Merrin's property in Barrack Point, which will be forensically analysed.

Merrin was arrested and taken to Lake Illawarra Police Station, where he was charged. 

The former back-rower has been an active member of the crypto community since his retirement in 2021, even going so far as to describe himself as a 'cryptocurrency enthusiast' on his LinkedIn profile.

He was granted conditional bail ahead of an appearance in Port Kembla Local Court on December 3.

Merrin made headlines in 2017 after splitting from his former girlfriend, champion surfer Sally Fitzgibbons, after three years together.

The pair started dating in 2014 and were engaged the following year during a trip to Vanuatu.

At the time of the breakup, Fitzgibbons said she was focused on 'exciting' opportunities.