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Financial Crimes Squad detectives have now charged accountants and money mules for their alleged involvement in the so-called “Penthouse Syndicate”, bringing the total charged under Strike Force Myddleton to 33 people and total restrained assets to $95 million.
The operation saw the arrests of two women for allegedly working as money mules, as well as three employees of a Bankstown accounting firm.
The arrests form part of an investigation into an alleged syndicate that initially used stolen personal information to apply for loans through various financial companies to purchase luxury “ghost cars” that did not exist.
Further investigations allegedly uncovered a much broader operation involving large-scale personal, business and home loan fraud against multiple financial institutions.
An ex-Hai Money broker and a former banker have also previously been charged under the same operation.
Accountants and money mules charged
As inquiries progressed, detectives identified accountants who had worked closely with the alleged syndicate and allegedly exploited their positions to approve and facilitate fraudulent loan applications.
About 1pm on Wednesday 9 September, Strike Force Middleton detectives – with assistance from the NSW Crime Commission, Australian Taxation Office (ATO), Australian Securities and Investments Commission (ASIC) and Tax Practitioners Board (TPB) – executed a search warrant at an accounting firm in Bankstown.
Three employees, including the firm’s director and two accountants, were arrested and taken to Bankstown Police Station.
A 46-year-old man was charged with knowingly directing the activities of a criminal group, 17 counts of making a false document to obtain a financial advantage, allegedly relating to $16.2 million in fraudulent loans, four counts of making, altering or failing to make an accounting document with the intention of concealing a benefit, dishonestly obtaining a financial advantage by deception, nine counts of knowingly dealing with the proceeds of crime, and hindering the discovery of evidence regarding a serious indictable offence.
A 34-year-old man was charged with participating in a criminal group and contributing to criminal activity, 17 counts of making a false document to obtain a financial advantage, allegedly relating to $15.6 million in fraudulent loans, four counts of making, altering or failing to make an accounting document with the intention of concealing a benefit, and dishonestly obtaining a financial advantage by deception.
Both men were refused bail and were due to appear at Bankstown Local Court on 10 September.
Additionally, a 28-year-old woman was charged with participating in a criminal group and contributing to criminal activity, 17 counts of making a false document to obtain a financial advantage, allegedly relating to $14.5 million in fraudulent loans, and four counts of making, altering or failing to make an accounting document with the intention of concealing a benefit.
The latest arrests follow the arrest of two women in Smithfield and Cabramatta West at about 6am on Wednesday 2 September.
A 37-year-old woman was charged with 17 counts of knowingly dealing with proceeds of crime and three counts of dishonestly obtaining a financial advantage by deception, allegedly relating to $5.3 million in fraudulent loans.
She was also charged with participating in a criminal group and contributing to criminal activity, and knowingly dealing with proceeds of crime with intent to conceal, totalling almost $1 million.
A 58-year-old woman was charged with participating in criminal activity and three counts of dishonestly obtaining a financial advantage by deception, allegedly relating to almost $13 million in fraudulent loans.
Both women were granted conditional bail and are due to appear in court on 14 October 2026.
Speaking on the arrests, NSW Crime Commission executive director Darren Bennett said: “Today’s arrest is another positive result for the collaborative approach to this investigation. The Crime Commission will commence the detailed work to identify and seize assets.
“We again congratulate the State Crime Command Financial Crime Squad for their ongoing success in SF Myddelton.”
Uncovering a network
These arrests form part of a broader investigation and enforcement operation targeting an alleged criminal syndicate that police have described as sophisticated and coordinated.
The operation involved, Strike Force Myddleton, was established in January 2024 by State Crime Command’s Financial Crimes Squad, with assistance from the NSW Crime Commission, to investigate a criminal syndicate targeting Sydney automotive financing companies.
Police allege the group used stolen personal information to secure loans for luxury “ghost cars” that did not exist, before expanding into large-scale personal, business, and home loan fraud.
To date the NSW Crime Commission has restrained $95 million in assets.
Commander of the Financial Crimes Squad, Detective Superintendent Gordon Arbinja said that these arrests as well as the broader investigation reflected the scope and scale of the criminal activity.
“The alleged conduct uncovered during this phase of the investigation shows a deliberate and coordinated effort to exploit loan systems, misuse personal information, and conceal the proceeds of crime through professional channels,” Arbinja said.
“These arrests demonstrate the sophistication of the syndicate and the lengths it allegedly went to obtain fraudulent loans and launder millions of dollars.
“Our investigators, supported by partner agencies, will continue to pursue every individual who plays a role in facilitating organised financial crime.”
[Related: How can brokers combat fraud?]
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