Sydney fraud ringleaders charged over $38m luxury car loan scam

Australian Community Media

Two men have been accused of running a sophisticated fraud syndicate targeting Sydney finance companies, with police seizing millions in luxury assets. This video includes ACM-produced voiceover powered by AI.

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00:00Two alleged ringleaders of a multi-million dollar fraud and money laundering syndicate have been

00:18arrested after a major police operation across Sydney. Detectives from the financial crime squad

00:24executed 10 search warrants on Wednesday, seizing $4.1 million in luxury goods, including

00:32Bentleys, a Ferrari, firearms, cash and designer items. An additional $20 million in assets were

00:48frozen, bringing the total to $38 million. A 38-year-old Barangaroo man faces 87 charges,

00:57accused of committing $12.9 million in fraud.

01:01A 34-year-old Seaforth man was charged with 107 offences linked to $4 million in fraud.

01:19Police allege the men directed a sophisticated scheme using stolen identities to secure loans

01:24and purchase non-existent ghost cars.

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