Insane $38m haul in Sydney fraud case
NSW Police began investigating a luxury 'ghost car' loan fraud scheme in January 2024, but now say the alleged scams 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. The two alleged ringleaders were arrested on Wednesday. NSW Police Credit: Supplied Cars worth millions of dollars were seized this week. NSW Police Credit: Supplied
Police alleged two ring leaders were arrested; one at a Barangaroo home, and another in Seaforth.
The 38-year-old Barangaroo man faces 87 deception, forgery and proceeds of crime charges. He was refused bail and is expected to front the Downing Local Court on Thursday.
Police will allege he is responsible for $12.9m of fraud.
A 34-year-old man from Seaforth faces 107 similar allegations. He was denied bail, is expected in the Manly Local Court today and police allege he has committed $4m of fraud.
'Police will further allege in court the men were the ringleaders of the fraudulent scheme,' a police spokesperson said. Police seized multiple luxury watches. NSW Police Credit: Supplied
Six people have already been arrested during this police investigation, which saw 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 large-scale personal, business and home loan fraud against multiple financial institutions.' A small amount of drugs were found at the properties this week. NSW Police Credit: Supplied Police found cash in multiple currencies. NSW Police Credit: Supplied
From 5am on Wednesday, police kicked down doors across Barangaroo, Seaforth, North Ryde, Macquarie Park, Sylvania Waters, Camperdown, Mortdale, Haymarket, Martin Place and the Sydney CBD.
During these 10 searches, police seized $4.1m of luxury items including two Bentleys, a Ferrari 360, $20,000 in Australian dollars, US$12,100 in USD, €1070, a firearm, two tasers, body armour, and a small quantity of prohibited drugs.
The bulk of the Barangaroo man's 87 charges are dishonestly obtain financial advantage by deception allegations.
The Seaforth man faces 87 knowingly deal with proceeds of crime allegations of, 19 counts of dishonestly obtaining financial advantage by deception, and one charge of participating in a criminal group.
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