Police arrested and charged a 34-year-old man and 35-year-old woman after forcing entry into their inner Sydney apartment during a search on Tuesday morning.
Detectives allege the pair were part of a wider syndicate that used stolen personal information to fraudulently apply for loans through various finance companies to purchase fake luxury ghost cars.
Police have been investigating the syndicate since January 2024, and have since charged 25 people, who remain before the courts.
It's believed the syndicate's reach however has extended beyond car financing, orchestrating large-scale personal, business, and home loan fraud against multiple financial institutions, police said.
Police will allege the 34-year-old charged on Tuesday worked as a business development manager.
He allegedly leveraged his professional authority to assist the syndicate in acquiring mortgaged properties worth more than $25 million and business loans worth more than $6 million, by facilitating and approving a series of fraudulent documents.
The man was charged with contributing in criminal activity and 19 counts of dishonestly obtaining financial advantage by deception.
The 35-year-old woman was employed as a financial broker, who allegedly worked with the criminal group and applied for almost $13 million dollars in loans from banks using fraudulent documentation.
She was charged with participating in a criminal group to contribute to criminal activity, three counts of dishonestly obtaining a financial advantage by deception, and attempting to dishonestly obtain a financial advantage by deception.
Detective Superintendent Gordon Arbinja said investigators are now entering a critical phase of the operation.
"The community expects financial institutions to be safe and trustworthy, and we will not hesitate to hold to account anyone who abuses their position for criminal gain," he said.
The pair were both refused bail to appear before Burwood local court on Wednesday.
15°C