NSW Police Financial Crimes Squad detectives have charged the third alleged ringleader in a multi-million-dollar fraud and money laundering syndicate under Strike Force Myddleton.
In January 2024, detectives attached to State Crime Command’s Financial Crimes Squad – with assistance from the NSW Crime Commission – launched an investigation into a criminal syndicate targeting Sydney automotive financing companies under Strike Force Myddleton.
The Strike Force 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.
Further investigations uncovered the syndicate’s reach extended far beyond car financing, allegedly orchestrating large-scale personal, business, and home loan fraud against multiple financial institutions.
“Twenty people have previously been charged under Strike Force Myddleton and remain before the courts, with the NSW Crime Commission having restrained $92 million in assets,” NSW Police said in a statement.
“As part of ongoing inquiries, detectives identified a third alleged ringleader being a licensed mortgage broker formerly employed by two major banks.
“Police will allege the broker worked in close partnership with the syndicate’s other ringleaders, exploiting his position within the banking sector to recruit corrupt brokers and bankers.”
These insiders allegedly facilitated fraudulent home and business loans for syndicate “mules,” valued at more than $105 million, Police said.
At around 6am yesterday, detectives executed a search warrant in Dundas Valley, where they arrested a 34-year-old man (pictured with detectives).
A subsequent search warrant was also carried out at a safe deposit storage box facility in Sydney’s CBD.
During the searches, police located and seized electronic devices, documentation relevant to the investigation, as well as luxury watches, shoes and jewellery worth approximately $260,000.
The NSW Crime Commission also froze an additional two properties with a combined estimated value of more than $3.5 million.
The man was taken to Gladesville Police Station, where he was charged with 89 offences relating to fraud worth $105 million against three major banks, as well as recklessly dealing with proceeds of crime, and knowingly direct activities of criminal group.
He was refused bail to appear in Burwood Local Court today.
Anyone with information that may assist investigations into organised criminal activity is urged to contact Crime Stoppers: 1800 333 000 or https://nsw.crimestoppers.com.au. Information is managed on a confidential basis. The public is reminded not to report information via NSW Police social media pages.
