Financial Crimes Squad detectives charge third person for alleged multimillion dollar fraud
Friday, 20 September 2024 07:43:43 AM
Financial Crimes Squad detectives have charged a third man for his alleged role in a $10 million financing fraud targeting a Sydney automotive group.
In January 2024, detectives attached to State Crime Command’s Financial Crimes Squad – with assistance from the NSW Crime Commission (NSWCC) – launched an investigation into a criminal syndicate targeting Sydney automotive financing companies under Strike Force Myddleton.
The investigation found that the syndicate was allegedly using the stolen personal information of more than 33 people to apply for loans through various financial companies to purchase luxury cars that did not exist.
The total funds stolen through the fraud are estimated to be $10,000,000.
During the investigation, strike force detectives executed multiple searches across Sydney last month locating and seizing multiple luxury watches, jewellery and alcohol worth $200,000.
Detectives have already charged two people for their alleged roles in the fraud, and they remain before the courts.
Following those searches and arrests, detectives executed an additional search warrant at a Wahroonga property on Thursday 15 August 2024.
During that search detectives located and seized $45,000 cash and multiple electronic devices.
Following further investigations, strike force detectives arrested a 37-year-old man outside Hornsby Police Station on Wednesday (18 September 2024).
He was taken to Hornsby Police Station where he was charged with 12 counts of knowingly deal proceeds of crime, and knowingly direct activities of criminal group.
The man was refused bail and appeared before Hornsby Local Court yesterday (Thursday 19 September 2024).
Investigations under Strike Force Myddleton continue.
Anyone with information that may assist Strike Force Myddleton investigators is urged to contact Crime Stoppers: 1800 333 000 or https://nsw.crimestoppers.com.au. Information is treated in strict confidence. The public is reminded not to report information via NSW Police social media pages.