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Syndicate ringleaders charged in multimillion dollar fraud scheme; $38 million in assets frozen

Thursday, 31 July 2025 07:40:42 AM

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Detectives from the State Crime Command’s Financial Crimes Squad have charged two alleged ringleaders of a highly sophisticated fraud and money laundering syndicate operating across Sydney.

In January 2024, detectives attached to State Crime Command’s Financial Crimes Squad and the NSW Crime Commission launched an investigation into a criminal syndicate targeting Sydney automotive financing companies under Strike Force Myddleton.

The investigation initially uncovered the syndicate was allegedly using stolen personal information to apply for loans through various financial companies to purchase luxury ‘ghost cars’ that did not exist.

Six people have previously been charged with these offences and remain before the courts, with the NSW Crime Commission having previously restrained $18 million in assets.

Ongoing investigations revealed the syndicate’s operations extended well beyond car financing fraud to large-scale personal, business and home loan fraud against multiple financial institutions.

From 5am yesterday (Wednesday 30 July 2025), strike force detectives – with assistance from Raptor Squad and North West Metropolitan Operational Support Group – executed 10 search warrants in Barangaroo, Seaforth, North Ryde, Macquarie Park, Sylvania Waters, Camperdown, Mortdale, Haymarket, Martin Place and the Sydney CBD.

During the warrants, police located and seized $4.1 million worth of luxury items including two Bentleys, a Ferrari 360, $20,000 in AUD, $12,100 in USD, $1,070 in Euros, one firearm, two tasers, body armour, and a small quantity of prohibited drugs.

NSW Crime Commission also froze assets to the value of $20 million, bringing the total value of assets seized throughout the investigation to $38 million.

At the Barangaroo address, police arrested a 38-year-old man. He was taken to Day Street Police Station, where he was charged with 87 charges, including:

  • Knowingly direct activities of criminal group,
  • 57 counts of dishonestly obtain financial advantage by deception,
  • 14 counts of knowingly deal with proceeds of crime intent to conceal,
  • Four counts of use false document to obtain financial advantage,
  • Three counts of recklessly deal with proceeds of general crime intent to conceal,
  • Three counts of possess of use a prohibited weapon without permit,
  • Three counts of use prohibited weapon contrary to prohibition, and
  • Two counts of possess prohibited drug.

He was refused bail to appear in Downing Local Court today (Thursday 31 July 2025), where it will be alleged the man committed fraud to the value of $12.9 million.

In Seaforth, police arrested a 34-year-old man. He was taken to Manly Police Station, where he was charged with 107 offences, including:

  • Participate criminal group contribute to criminal activity,
  • 19 counts of dishonestly obtain financial advantage by deception, and
  • 87 counts of knowingly deal with proceeds of crime.

The man was refused bail to appear in Manly Local Court today, where it will be alleged the man committed fraud to the value of $4 million.

Police will further allege in court the men were the ringleaders of the fraudulent scheme.

Investigations under Strike Force Myddleton continue.

Anyone with information that may assist investigations into organised criminal activity is urged to contact Crime Stoppers: 1800 333 000 or https://nsw.crimestoppers.com.au. Information is managed on a confidential basis. The public is reminded not to report information via NSW Police social media pages.