A Seaforth man has been arrested and accused of being a ringleader in a highly sophisticated fraud and money laundering syndicate operating across Sydney.
Police arrested the 34-year-old man (pictured main) at his Seaforth home yesterday Wednesday 30 July, where he was taken to Manly Police Station and charged with 107 offences, including: Participate criminal group contribute to criminal activity, 19 counts of dishonestly obtain financial advantage by deception, and 87 counts of knowingly deal with proceeds of crime.
The man was refused bail to appear in Manly Local Court today, 31 July 2025, where it will be alleged the man committed fraud to the value of $4 million.
The other man, a 38 year old, was arrested at a Barangaroo address. He was refused bail to appear in Downing Local Court today, where it will be alleged the man committed fraud to the value of $12.9 million.
What’s the back story?
In January 2024, detectives attached to State Crime Command’s Financial Crimes Squad and the NSW Crime Commission launched an investigation into a criminal syndicate targeting Sydney automotive financing companies under Strike Force Myddleton.
The investigation initially uncovered the syndicate was allegedly using stolen personal information to apply for loans through various financial companies to purchase luxury ‘ghost cars’ that did not exist.
Six people have previously been charged with these offences and remain before the courts, with the NSW Crime Commission having previously restrained $18 million in assets.
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.
During the warrants, police located and seized $4.1 million worth of luxury items including two Bentleys, a Ferrari 360, $20,000 in AUD, $12,100 in USD, $1,070 in Euros, one firearm, two tasers, body armour, and a small quantity of prohibited drugs.
NSW Crime Commission also froze assets to the value of $20 million, bringing the total value of assets seized throughout the investigation to $38 million.
Detectives say they are not finished with the investigation, with further news from Strike Force Myddleton expected in future.
