Sydney man accused of being money mule in $80 million fraud scheme

A man faces charges over $5.3 million in fraudulent loans as part of a criminal network that has seen $80 million in assets restrained by authorities.

A 35-year-old man has been charged over his alleged role in a highly sophisticated multimillion-dollar fraud and money-laundering syndicate operating across Sydney.

Detectives from the Financial Crimes Squad, working with the NSW Crime Commission, launched Strike Force Myddleton in January 2024 to investigate a criminal network believed to be targeting automotive finance companies.

The probe initially uncovered a scheme in which syndicate members allegedly used stolen personal information to apply for loans to purchase luxury “ghost cars” — vehicles that did not exist.

As inquiries continued, investigators allege the group expanded its activities into large-scale personal, business and home loan fraud affecting multiple financial institutions.

Nineteen people have already been charged under the strike force, while the NSW Crime Commission has restrained assets worth $80 million.

A 35-year-old man has been charged over his alleged role in a highly sophisticated multimillion-dollar fraud and money-laundering syndicate. Picture: NSW Police.

Nineteen people have already been charged under the strike force. Picture: NSW Police.

As part of ongoing inquiries, detectives identified another alleged participant in the syndicate, believed to have acted as a money mule.

At 6.15am on Wednesday, officers executed a search warrant at a property in East Hills.

Financial Crimes Squad detectives have charged a man for his alleged involvement in a highly sophisticated multimillion-dollar fraud and money laundering syndicate operating across Sydney.

The man was arrested at the scene and taken to Bankstown Police Station. Picture: NSW Police.

The man was arrested at the scene and taken to Bankstown Police Station, where he was charged with two counts of dishonestly obtaining a financial advantage by deception — allegedly relating to $5.3m in fraudulent loans — as well as knowingly dealing with the proceeds of crime and participating in a criminal group.

He was granted conditional bail and is due to appear before Bankstown Local Court on January 22 2026.

One of the most notable arrests under Strike force Myddleton was of 25-year-old Thi Ta and 53-year-old Anya Phan.

Detectives allege the mother Anya Phan — who described herself as a feng shui master and fortune teller — exploited vulnerable clients within Sydney’s Vietnamese community, convincing them to take out fraudulent loans by predicting there was a “billionaire” in their future.

She allegedly took a cut of the proceeds, aided by her daughter Thi Ta.

Originally published as Sydney man accused of being money mule in $80 million fraud scheme