Daily London
Police began investigating a criminal syndicate targeting Sydney automotive financing companies.
Detectives believe the syndicate was using stolen personal information to apply for loans through various financial companies to purchase luxury “ghost cars” that did not exist.
Ongoing investigations revealed the syndicate’s operations extended well beyond car financing fraud to large-scale personal, business and home loan fraud against multiple financial institutions.
Fifteen people have previously been charged under Strike Force Myddleton and remain before the courts, with the NSW Crime Commission having restrained $60 million in assets.
Following further inquiries, at about 6am yesterday, police arrested a 36-year-old man in Bonnyrigg.
During the search, police allegedly seized about $60,000 worth of luxury jewellery and watches.
The 36-year-old was charged with 19 offences including nine fraud charges, dealing with the proceeds of crime, and participating in a criminal group.
He was refused bail and will appear in court today.
Police will allege the man used his position as a bank employee to help the syndicate apply for about $10 million worth of business loans.
