Authorities have launched a probe into a criminal network, which has been preying on automotive financing firms across Sydney.

Investigators suspect the group has been exploiting stolen personal data to secure loans from various financial companies, ostensibly to purchase high-end vehicles – vehicles that, in reality, never existed.

As the investigation unfolds, it has become apparent that the syndicate’s fraudulent activities reach far beyond car financing. They have been implicated in extensive schemes involving personal, business, and home loan frauds, targeting numerous financial institutions.

To date, under the operations of Strike Force Myddleton, fifteen individuals have been charged and are currently facing legal proceedings. In addition, the New South Wales Crime Commission has successfully frozen assets valued at $60 million.

In a recent development, police conducted a raid at around 6 a.m. yesterday, resulting in the arrest of a 36-year-old man in Bonnyrigg, as part of the ongoing crackdown on this criminal syndicate.

During the search, police allegedly seized about $60,000 worth of luxury jewellery and watches.

The 36-year-old was charged with 19 offences including nine fraud charges, dealing with the proceeds of crime, and participating in a criminal group.

He was refused bail and will appear in court today.

Police will allege the man used his position as a bank employee to help the syndicate apply for about $10 million worth of business loans.