Two alleged scam ringleaders accused of defrauding banks by duping them into lending money for luxury cars, homes and businesses have had $38 million in assets seized.
Police allege the two men, aged 38 and 34, were at the head of a syndicate that began by using stolen identification to apply for loans to purchase luxury “ghost cars” that did not exist.
Detectives from the NSW Police Financial Crimes Squad claim the men then went beyond cars, using the same method to secure business and home loans from banks.
A Bentley seized by the Financial Crimes Squad as part of a fraud probe where $38 million in assets have been restrained by police. (Supplied: NSW Police)
The men have been charged with a combined 194 offences related to fraud, money laundering and weapons possession.
The 38-year-old Barangaroo man is accused of committed $12 million worth of fraud while police accuse the 34-year-old Seaforth man of committing $4 million worth of fraud.
Investigations began in January 2024 when police started looking into what they described as a “highly sophisticated” money laundering scheme.
The 38-year-old arrested in Barangaroo has been charged with more than 80 offences. (Supplied: NSW Police)
In total police have now charged eight people and seized $38 million in assets from across Sydney.
Among the millions in assets seized by police on Wednesday were two Bentleys, a Ferrari 360 and luxury watches.
It came after sweeping dawn raids across Barangaroo, Seaworth, North Ryde, Macquarie Park, Sylvania Waters, Camperdown, Mortdale, Haymarket, Martin Place and the CBD.
Images provided by NSW Police show a treasure trove of watches worth hundreds of thousands of dollars among foreign currency seized on Wednesday.
The Ferrari 360 seized by police under Strike Force Myddleton. (Supplied: NSW Police)
Vision showed the bikie-busting Raptor Squad storming a luxury Barangaroo property before leading the 38-year-old out in a sparkly Louis Vuitton jacket.
The same video showed police towing away a red Bentley SUV from Barangaroo.
Photos depict the showroom where police seized a Ferrari, a Bentley and a slew of high-end luxury vehicles.
The pair have been denied bail and are due to appear in the Downing Centre and Manly local courts on Thursday.
Ringleaders lived ‘opulent lifestyle’
Financial Crimes Squad Commander Gordon Arbinja speaking to reporters on Thursday. (ABC News: Ethan Rix)
On Thursday police said the 38-year-old man had been renting a Barangaroo penthouse worth $18 million for $37,000 a month at the time of his arrest.
Financial Crimes Squad Commander Gordon Arbinja said the syndicate had been operating over seven years.
“The syndicate have since branched out into other areas mainly personal, business and home loan scams affecting financial institutions in NSW,” Superintendent Arbinja said.
“The forensic accountant unit identified 91 accounts … where over $178 million has gone through these accounts.
“We suspect all these monies are the proceeds of crime … These people lived an opulent lifestyle.”
Describing the fraud as being “like a Ponzi scheme”, Superintendent Arbinja said the ringleaders would recruit others and share the profits.
“We did ask one of the alleged offenders what they did for a living … he told investigators he was a professional gambler,” he said.