A police raid on a wealthy millennial couple’s $27 million Sydney mansion was bound to become a talking point across the city’s eastern suburbs.
Yet the mystery surrounding the operation will remain unsolved for at least another year after the man allegedly targeted by detectives was found unfit to stand trial.
Businessman Marios Alexandridis, who is accused of supplying cocaine on a commercial scale, has been judged incapable of facing trial—a ruling that could delay the criminal case for up to 12 months.
The 48-year-old was allegedly the focus of the investigation when heavily armed organised crime detectives stormed the Bellevue Hill residence of former television producer Stephanie Jandegian and her entrepreneur husband, Garrett, on February 6 last year.
In the dramatic early-morning operation, officers searched the couple’s palatial home and seized a mobile phone and documents, although neither Stephanie nor Garrett was arrested.
The couple have not been accused of any wrongdoing.
Now, more than 20 months after the raid, the case against Alexandridis has veered in an unexpected direction.
The proceedings suffered a major setback on Thursday when the NSW District Court ruled that Alexandridis is currently unable to be tried.
Marios Alexandridis was allegedly the target of a dawn raid by organised crime detectives at the $27 million mansion of a glamorous Sydney couple. He is pictured with his wife, Monique Belovukovic
Heavily armed officers forced their way into the Bellevue Hill home of former television journalist Stephanie Jandegian and her entrepreneur husband, Garrett Jandegian, on February 6 last year. The couple, pictured, have not been accused of wrongdoing
Stephanie Jandegian and her entrepreneur husband, Garrett Jandegian, are pictured. The couple have not been accused of wrongdoing
Court records from Thursday’s hearing say Alexandridis is unfit to stand trial but could regain that capacity within 12 months.
The decision leaves prosecutors with an uncertain way forward, with no assurance that Alexandridis will become fit to face trial during that period.
As a result, the allegations at the heart of the investigation may not be examined in a conventional criminal trial in the near future.
Alexandridis has previously been described in court by his barrister as living with schizophrenia. His lawyer said the condition had also affected his recently deceased brother.
His capacity to stand trial was assessed by medical experts engaged by both the defence and the Director of Public Prosecutions.
At an earlier hearing, a defence doctor concluded that Alexandridis was unfit. The prosecution’s doctor reached a qualified finding of unfitness but said the possibility that he was “malingering” could not be excluded.
The businessman, who is married to 27-year-old model Monique Belovukovic, has taken part in court proceedings via an audio-visual link from the couple’s $4 million home in Mosman.
During one appearance, he was seen making the sign of the cross, closing his eyes, tilting his head back and breathing deeply.
Alexandridis is barred from leaving the $4 million Mosman home he shares with Ms Belovukovic on Sydney’s lower north shore. The couple are pictured outside court
Whenever Alexandridis (left) leaves home, he must always be with Ms Belovukovic (right) and is never allowed to possess a smartphone. He breached both those conditions on March 14
When the hearing was adjourned, he placed his hand over his heart before bringing his palms together in what appeared to be a prayerful gesture.
Alexandridis is accused of commercially supplying cocaine in relation to 794.6g of the drug allegedly found at an Elizabeth Bay cafe on the day police carried out the raids.
He was arrested in Mosman as part of a series of dawn operations by the NSW Police Force’s Strike Force Raptor.
The search of the Jandegians’ Bellevue Hill mansion was conducted under a warrant obtained by Strike Force Candice, which was established to investigate unexplained wealth and suspected money laundering.
The operation involved the NSW Crime Commission and the NSW Organised Crime Squad.
Alexandridis was initially charged with recklessly dealing with the proceeds of crime with intent to conceal, in relation to $1million in Australian currency allegedly handled in NSW between October 2024 and January last year.
He was released on bail eight days after his arrest, after three acceptable persons agreed to forfeit a combined $4million if he failed to comply with his bail conditions.
Those conditions are stringent.
Alexandridis must remain at the Mosman property except for police reporting, legal appointments or medical visits. If he leaves, he must be accompanied by Ms Belovukovic and he is prohibited from possessing a smartphone.
He previously breached two conditions, prompting prosecutors to seek to have his bail revoked.
At a subsequent hearing, the Crown alleged Alexandridis’s DNA was on a packet containing the cocaine and that phone evidence linked him to drug supply.
Prosecutors also alleged he had been involved in ‘serious and sophisticated money laundering’, citing recordings of discussions with real estate agents, an accountant and a business partner about the sale of a Bondi property.
The court was told he had subsequently opened a term deposit account, bought gold and traded in cryptocurrency.
His barrister, James Moore, argued that Alexandridis’s mental health had stabilised after doctors increased some of his medication.
Mr Moore also emphasised the support provided by Ms Belovukovic, with whom Alexandridis has four children.
The Jandegians (pictured) have previously said their lavish lifestyle is bankrolled by Mr Jandegian’s family, which they claim made its fortune in the Texas oilfields
One of the Jandegians’ other luxury homes has reportedly been snapped up by hedge fund manager and Eastern Suburbs Rugby Union president David Allen and his wife Peta
He told the court deadlocks had been installed in the couple’s home and the bail conditions written down throughout the property to help ensure they were followed.
‘This has been a wake-up call for him and he’s petrified about the prospect of going back into custody,’ Mr Moore said.
Judge Kenneth Averre ultimately refused to revoke Alexandridis’s bail, although he said the businessman had ‘come very close’ to being sent back to prison.
‘I might observe that perhaps without that support it may have been a very different result today,’ the judge said of Ms Belovukovic’s role.
The latest ruling is a fresh complication for a case that began with a high-profile police operation in Sydney’s eastern suburbs and has since expanded to include separate proceeds-of-crime proceedings brought by the NSW Crime Commission.
For the Jandegians, the raid thrust their private lives into an investigation into alleged criminal activity, despite neither being arrested or accused of wrongdoing.
The couple have previously said their lavish lifestyle is bankrolled by Mr Jandegian’s family, which they claim made its fortune in the Texas oilfields.
Originally from San Francisco, Mr Jandegian co-founded canned alkaline spring water company Aqualove in 2017 and remains a director of medical supplies supplier Pharma Soul.
Mrs Jandegian, a former Nine journalist who rose to become Sydney bureau chief at A Current Affair, works as Pharma Soul’s sales manager and sits on the NSW advisory board of the Starlight Children’s Foundation.
One of the Jandegians’ other luxury homes has reportedly been snapped up by hedge fund manager and Eastern Suburbs Rugby Union president David Allen and his wife Peta, according to the Australian Financial Review.
The couple seen jewellery shopping with their children following the dawn raid
A number of items, including a mobile phone and documents, were seized during the raid on the Jandegians’ home (above). There is no suggestion Stephanie or Garrett Jandegian were involved in any wrongdoing
The Beresford Road sale was the suburb’s second-highest property deal of 2026 to date, although the price fell short of the $37million initially sought when the five-bedroom, six-bathroom residence hit property listings in August.
The four-storey mansion boasts an entire level dedicated to health and wellness, complete with a fitness studio, sauna, ice bath, swimming pool and spa.
The Jandegians, meanwhile, retain their nearby Bellevue Hill mansion on Kambala Road, which they purchased for $26million in 2022 and where police carried out the dramatic dawn raid in February last year.
For now, the central question surrounding the raid remains unanswered in court.
Back in July, when Alexandridis was previously before the court, the Mail contacted Stephanie by phone to see whether she finally had anything to say about the matter.
We told Stephanie that, given the circumstances of Alexandridis’ arrest, including the execution of the search warrant at her home that morning, she and Garrett would likely continue to feature in any coverage, and that it therefore seemed fair to ask again whether she wished to comment.
After all, Alexandridis was the target of the operation, and it remains unclear what, if any, association she or her husband had with him. These are the sorts of questions that can linger in the eastern suburbs.
‘It probably makes more sense to you,’ replied Stephanie.
‘And you probably realise that this has absolutely nothing to do with us since you’ve been following it. That’s the only comment I can make… Thank you very much for the call though. If you’d like to send me an email, you’re more than welcome to.’
We took her up on the offer and sent an email, but it bounced back. When we texted her to clarify the spelling of the address, we received no response.
After Thursday’s matter concluded with Alexandridis being found unfit to be tried, the Mail attempted to contact Garrett for comment. We left a voicemail message and he did not respond.