Some individuals pretend to be helpless, whereas they are only just too lazy to get a job
He is said to be targeting shoppers and commuters by pretending to be homeless despite apparently living in a 'reasonable property'.
Daily Mail reports that the man's earnings amount to a pre-tax annual income of around £130,000 - only £12,000 less than Prime Minister David Cameron's yearly wage.
He is under suspicion of deceit in preying on the innocence of kind hearted people with his sorry state, prompting them to give alms to him as they pass by.
An appeal is therefore out to anyone who knows him, urging them to come forward so that the mystery surrounding him can be unravelled.
He has been begging for money in Wolverhampton city centre, in the West Midlands, and is said to be earning the equivalent of £2,500 a week.
Steve Evans, Wolverhampton's environment boss and a Labour councillor, said the man is known to live in a 'reasonable property' but targets shoppers by pretending to be homeless.
He said, "The information regarding the individual making up to £500 a day came from a fellow council officer,"
"We knew he wasn't homeless as he was registered to an address and lived in quite a reasonable property actually. Yet he would be seen in the middle of the city centre at busy times of the day and happy to sit there all day long."
Such cases are common all over the world. Some individuals pretend to be helpless, whereas they are only just too lazy to get a job.