Suspected Leaders of $38 Million Scam Against Car Dealerships and Banks Arrested

Detectives began an investigation in early 2024 into an alleged criminal syndicate targeting car finance companies under Strike Force Myddleton.

Police say the fraud and money laundering syndicate was using stolen personal information to apply for loans for luxury “ghost cars” which did not exist.

Six people were previously charged with offences in relation to this scheme and remain before the courts after the NSW Crime Commission froze $18 million in assets.

Further investigation discovered the syndicate’s operations extended beyond car finance fraud to “large-scale personal business and home loan fraud” targeting multiple financial institutions.

Detectives executed search warrants across 10 Sydney suburbs at 5am yesterday, including Barangaroo, Camperdown, Haymarket, Mortdale and Seaforth.

Police seized $4.1 million worth of luxury goods including two Bentleys, a Ferrari 360, $20,000 in Australian dollars, $12,100 in USD, firearms, body armour and a small amount of drugs.

The NSW Crime Commission froze $20 million in assets, bringing the combined total of assets seized to the tune of $38 million.

A 38-year-old man was arrested at a Barangaroo property and was charged with 87 offences, including 57 counts of dishonestly obtaining financial advantage by deception.

Police allege he committed fraud to the value of $12.9 million.

He was refused bail to appear at Downing Local Court today.

A second man, aged 34, was arrested in Seaforth and charged with 107 offences including eight counts of knowingly dealing with proceeds of crime. 

Police allege the second man committed fraud to the value of $4 million.

It will be alleged in court the two charged men were the ringleaders of the syndicate.