More arrests in alleged $53m fraud scheme
NSW Police began investigating the luxury 'ghost car' loan fraud scheme in January 2024 but now say the alleged scam ran much wider into large-scale personal, business and home loan fraud.
Eight people had previously been charged over the scheme and remain before the courts, with the NSW Crime Commission having previously restrained $38 million in assets.
However, on Monday, two more people were arrested in Gladesville – a 60-year-old man and 61-year-old woman.
The man was charged with five counts of dishonestly obtain financial advantage etc by deception and participate criminal group contribute criminal activity.
The woman was charged with two counts of dishonestly obtain financial advantage etc by deception and participate criminal group contribute criminal activity.
The pair were granted conditional bail to appear in Burwood Local Court on 29 September.
Police will allege in court the pair committed fraud to the value of nearly $15.5 million.
On Monday evening, an additional two luxury cars were seized by police, a 2019 silver Lexus LX570 and a 2021 black McLaren 720s, with a combined value of $682,000, allegedly linked to the syndicate. A luxury car seized in a 'highly sophisticated' fraud and money laundering syndicate operating across Sydney. NSW Police. Credit: Supplied One of the accused ringleaders was hauled out of a Crown Casino suite wearing a $6000 Louis Vuitton bomber jacket last week. NSW Police Credit: Supplied
Vision supplied by NSW Police showed the sleek black McLaren being towed on an otherwise quiet Sydney street.
The haul brings the total amount seized to date as approximately $53 million in luxury goods and real estate.
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.
Last Wednesday, police raided 10 properties, seizing two Bentleys, a Ferrari 360, cash, a gun and two Tasers, body armour and drugs.
Bing Li, one of two alleged ringleaders of the fraud scheme, was arrested at the Crown casino in Barangaroo last Thursday wearing a $6000 Louis Vuitton bomber jacket.
The 38-year-old was 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.
Mr Li will remain in custody on remand ahead of his next court appearance in September.
Meanwhile, the second alleged ringleader, a 34-year-old man from Seaforth, faces 107 similar allegations. NSW police have charged two alleged ringleaders of a 'highly sophisticated' fraud and money laundering syndicate operating across the city. 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.
Financial Crimes Squad Commander, Detective Superintendent Gordon Arbinja, said the work of investigators is far from over.
'Strike Force Myddleton has uncovered a deeply entrenched and highly organised criminal enterprise operating across multiple financial sectors. While we've made significant progress, our work is far from over,' he said on Tuesday.
'The focus now shifts to identifying and dismantling the professional facilitators enabling this syndicate – particularly those operating within the accounting, financial services, and taxation industries.
'These individuals play a critical role in legitimising fraudulent activity, and we will continue to pursue them.'
Investigations under Strike Force Myddleton continue.
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