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Remove items from your saved list<\/a> to add more.<\/p>\n AAA<\/p>\n A Sydney international student is behind bars after allegations he fraudulently claimed more than $5 million worth of GST refunds on luxury watches.<\/p>\n Mingyi Chi, a 28-year-old Chinese national living in Haymarket while studying in Sydney, was arrested in May by police probing suspicions of a transnational criminal syndicate using Australia\u2019s tourist refund scheme to falsely claim GST refunds on luxury watches.<\/p>\n Chi was, police said in a media release on Wednesday, one of several individuals \u201cengaged in rapid international travel, structured cash deposits and the circulation of high-value goods\u201d.<\/p>\n Investigators say Chi allegedly lodged more than $5 million in fraudulent refund claims for luxury watches at Sydney Airport.<\/p>\n In Australia, international visitors can claim GST refunds for goods worth more than $300 that are being permanently taken out of the country.<\/p>\n Detectives further allege that he flew to Chengdu more than 20 times between November 2025 and May 2026, often staying in his native China for less than 24 hours at a time. Chi also allegedly deposited $1.1 million into Australian bank accounts via ATMs in the Sydney CBD between February 2025 and his arrest.<\/p>\n The police raid on his Sydney apartment also resulted in investigators seizing $270,000 in cash, a Richard Mille watch worth about $170,000, three Patek Phillipe watches, one Van Cleef watch, two counterfeit luxury watches, mobile phones, a cash counting machine and multiple receipts and invoices.<\/p>\n Chi was charged with dishonestly intending to obtain a gain, which carries a maximum of a decade behind bars. He was refused bail and remains inside Silverwater\u2019s Metropolitan Reception and Remand Centre until at least the end of this month when he will apply for bail in the Supreme Court.<\/p>\n AFP Detective Superintendent Peter Fogarty said the arrest was a warning for others who would abuse the GST refund system.<\/p>\n \u201cEveryday Australians suffer when the taxation system is exploited and money goes into the pockets of criminals, which bankrolls future criminal ventures,\u201d he said.<\/p>\n \u201cAnyone who abuses the taxation system is warned \u2013 your actions and transactions are always traceable, and you are in the AFP\u2019s sights.\u201d<\/p>\n Be the first to know when major news happens. Sign up for breaking news alerts<\/a> on email or turn on notifications in the app.<\/p>\n Save<\/p>\n You have reached your maximum number of saved items.<\/p>\n![\"A](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/07\/4d2d60096bf7e0e3f72f37ee3eb8026c18a5d0511881863e675da5d958b0fce2.jpeg\")
A Patek Phillipe watch, one of several seized by policeAFP<\/p>\n![\"Police](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/07\/712217f6153086f96e9d95a0077f670844efb215b635240cecb3868bfa303ab4.jpeg\")
Police say they seized $270,000 from a drawer inside the Haymarket unit. AFP<\/p>\n