$10m Sydney fraud syndicate uncovered as police seize $80K in handbags and jewellery
A $10 million fraud syndicate targeting Sydney’s car financing industry has been cracked wide open, with detectives seizing $80,000 in luxury handbags and jewellery.
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A $10 million fraud syndicate targeting Sydney’s car financing industry has been cracked wide open, with detectives seizing $80,000 in luxury handbags and jewellery and arresting a man alleged to be at the centre of the scheme.
In January, Strike Force Myddleton detectives began investigating a syndicate allegedly using stolen personal information from more than 33 victims to apply for fraudulent automotive loans.
Authorities believe the scheme funnelled millions into the pockets of a sophisticated criminal network.
So far, three individuals have been charged in connection with the case and remain before the courts.
On Wednesday morning, detectives — with support from Raptor Squad and the NSW Crime Commission — executed a search warrant in Lindfield, where they seized luxury handbags and jewellery valued at $80,000.
A 36-year-old man was arrested at the scene and later charged with directing criminal activities and 19 counts of handling proceeds of crime.
He has been refused bail to appear in Hornsby Local Court on Thursday.
Detective Superintendent Gordon Arbinja, Commander of the Financial Crimes Squad said authorities are determined to bring every member of the syndicate to justice.
“Detectives with the assistance of the NSW Crime Commission have continued to disrupt this alleged criminal syndicate preventing them from continuing to scam the NSW public.
“Our goal is to prevent any more businesses or members of the public falling victim to syndicates like this and prevent these groups from continuing to profit from their crimes,” Det Supt Arbinja said.
“We will continue to pursue this alleged criminal syndicate with the help of the NSW Crime Commission, and we will put them before the courts.”
NSW Crime Commission Executive Director, Darren Bennett, said the NSW Crime Commission will continue to uncover and restrain criminal assets and proceeds of crime linked to this syndicate.
“The NSW Crime Commission has already restrained $18 million in assets to date; however, as we continue to work with the NSW Police to tackle this syndicate, we fully expect to seize further proceeds of crime.
“The hard work for us has just begun as well as we endeavour to return these criminal proceeds to the people of NSW and continue to work parallel to the NSW Police in this investigation,” Mr Bennett said.
Investigations under Strike Force Myddleton continue.
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