Alleged fraudster lived in $18m penthouse
Bing Li, one of two alleged ringleaders of the fraud scheme, was hauled out of a suite at Crown casino in Barangaroo on Thursday wearing a $6000 Louis Vuitton bomber jacket and marched through the forecourt to a waiting police van.
The 38-year-old has been charged with a long list of offences, including 87 counts of deception, forgery and proceeds of crime charges.
Police will allege he is responsible for a $12.9m fraud.
In the Downing Centre Local Court on Friday, Mr Li's matter was briefly mentioned.
A release application for Mr Li to be bailed was initially submitted to the court.
However, it was later withdrawn, with Mr Li expected to remain in custody on remand ahead of his next court appearance. Bing Li was hauled out of a suite at the Crown casino in Barangaroo on Thursday. NSW Police Credit: Supplied Police seized a Ferrari among $38m in assets. NSW Police Credit: Supplied
He will return to court on September 11.
NSW Police began investigating a luxury 'ghost car' loan fraud scheme in January 2024 but now say the alleged scam run wider into large-scale personal, business and home loan fraud.
In the early hours of Wednesday, police raided 10 properties, seizing two Bentleys, a Ferrari 360, cash, a gun and two Tasers, body armour and drugs.
Speaking to the media at Parramatta Police Station, Detective Superintendent Gordon Arbinja said members of the alleged syndicate had 'lived an opulent lifestyle'.
'We know that the Barangaroo man had been renting a penthouse in Barangaroo worth $18m for $37,000 a month,' he said.
'Yesterday, when we went thorough a safety deposit box, we located over $1m worth of luxury items, including watches and jewellery and cash.
'We did ask one of the alleged offenders what they did for a living, and he told investigators that he was a professional gambler.'
Meanwhile, the second alleged ringleader, a 34-year-old man from Seaforth, faces 107 similar allegations. Police have arrested and charged two alleged ringleaders. NSW Police Credit: Supplied The total value of the seizures by police came to $38m. NSW Police Credit: Supplied
Among the charges are 87 knowingly deal with proceeds of crime allegations, 19 counts of dishonestly obtaining financial advantage by deception, and one count of participating in a criminal group.
He was denied bail, and police allege he has committed a $4m fraud.
Six people have already been arrested during this investigation, with the NSW Crime Commission seizing or restraining $18m in assets.
Police put Wednesday's haul at $20m, taking the total value of seizures to $38m.
The investigation began at the start of 2024 when police uncovered an alleged syndicate targeting vehicle financing companies in Sydney. The syndicate was allegedly using stolen personal information to apply for loans through various companies, for 'luxury 'ghost cars' that did not exist', the police spokesperson said.
'Ongoing investigations revealed the syndicate's operations extended well beyond car financing fraud to (alleged) large-scale personal, business and home loan fraud against multiple financial institutions.'
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