It is alleged that all the while, the woman was taking a share of the loans for herself.
Speaking to reporters on Thursday, Detective Superintendent Gordon Arbinja said the woman would pocket “at least A$150,000 ($174,000) herself”.
The Dover Heights mansion raided by police as part of a major fraud investigation. Photo / NewsWire, Monique Harmer
“In total, she (pocketed) at least A$1.5 million ($1.74m) from at least 10 loans that she facilitated by taking advantage of these vulnerable people,” he said.
He also accused the woman of convincing her daughter to “purchase a A$5.3m ($6.14m) unit in Rose Bay”.
Business records reported by the Daily Mail show a company run by Phan had a registered address in a single-storey property in Lewisham in May this year, and purchased the Dover Heights property in June, boasting four bedrooms, an indoor cinema, gym, steam room and swimming pool.
Arbinja said the older woman was “trusted in the community”.
“She arrived in Australia in 2001 and soon after become an Australian citizen,” he told reporters.
“She has not worked during this time and has been receiving disability support payments.”
Two women were arrested and charged following a dramatic raid of the Dover Heights home. Photo / NSW Police
He said, despite living on a disability support, the Dover Heights home where she lived required repayments of A$56,000 ($65,000) a month.
“(The woman) was a VIP customer at a Sydney-based casino,” he said.
“We (allege) that she has at least laundered over A$520,000 ($603,000) in a two-month period alone at this Sydney-based casino.
“She’s a high roller and very influential amongst her community.”
Phan has been charged with 39 offences, including knowingly direct activities of criminal group, dishonestly obtain financial advantage etc by deception, knowingly deal with proceeds of crime intent to conceal, deal with identity info to commit etc indictable offence, and attempt to dishonestly obtain financial advantage etc by deception.
She was refused bail and is due to face Downing Centre Local Court on Thursday.
The duo ia accused of being involved in a multimillion-dollar fraud syndicate. Photo / NSW Police
Her daughter was charged with two counts of dishonestly obtain financial advantage etc by deception, two counts of deal with identity info to commit etc indictable offence, recklessly deal proceeds general crime intend to conceal, recklessly deal with proceeds of crime >$5000 and participate criminal group contribute criminal activity.
She was granted conditional bail and will appear at Downing Centre Local Court on January 23, 2026.
Police seized casino chips during the raid. Photo / NSW Police
The arrests were carried out by detectives from Strike Force Myddleton, which was established early last year to investigate a syndicate allegedly using stolen identities to secure loans for “ghost cars” – luxury vehicles that don’t exist.
Since its inception, the investigation has expanded to include allegations of large-scale personal, business, and home loan fraud, with 17 people already charged.
The NSW Crime Commission previously restrained A$60m ($69.6m) in assets.
Police say a further A$15m ($17.4m) in assets has since been frozen, bringing the total amount linked to the syndicate to A$75m ($85.8m).
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