Alleged ringleaders behind defrauding banks for luxury cars, homes and business loans face almost 200 charges
Police allege the two men, aged 38 and 34, were at the head of a syndicate that began by using stolen identification to apply for loans to purchase luxury "ghost cars" that did not exist.
Detectives from the NSW Police Financial Crimes Squad claim the men then went beyond cars, using the same method to secure business and home loans from banks.
The men have been charged with a combined 194 offences related to fraud, money laundering and weapons possession.
The 38-year-old Barangaroo man is accused of committed $12 million worth of fraud while police accuse the 34-year-old Seaforth man of committing $4 million worth of fraud.
Investigations began in January 2024 when police started looking into what they described as a "highly sophisticated" money laundering scheme.
In total police have now charged eight people and seized $38 million in assets from across Sydney.
Among the millions in assets seized by police on Wednesday were two Bentleys, a Ferrari 360 and luxury watches.
It came after sweeping dawn raids across Barangaroo, Seaworth, North Ryde, Macquarie Park, Sylvania Waters, Camperdown, Mortdale, Haymarket, Martin Place and the CBD.
Images provided by NSW Police show a treasure trove of watches worth hundreds of thousands of dollars among foreign currency seized on Wednesday.
Vision showed the bikie-busting Raptor Squad storming a luxury Barangaroo property before leading the 38-year-old out in a sparkly Louis Vuitton jacket.
The same video showed police towing away a red Bentley SUV from Barangaroo.
Photos depict the showroom where police seized a Ferrari, a Bentley and a slew of high-end luxury vehicles.
The pair have been denied bail and are due to appear in the Downing Centre and Manly local courts on Thursday.
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