Two people have been arrested and charged following a New South Wales Police investigation into an alleged $10 million financing fraud scheme that targeted a Sydney automotive group.
Strike Force Myddleton was instigated by detectives attached to State Crime Command’s Financial Crimes Squad – with assistance from the NSW Crime Commission (NSWCC) – in January.
The Strike Force’s investigations were centred around an alleged criminal syndicate targeting automotive financing companies.
According to New South Wales Police, the syndicate was allegedly using the stolen personal information of over 33 people to apply for financing through the various companies to purchase luxury cars.
However, the vehicles didn’t exist.
The investigation led to a first search warrant being executed on May 15, when a 31-year-old woman who was an employee of the automotive financing business was arrested at a Middleton Grange home.
She was later charged at Liverpool Police Station with 102 counts of dishonestly obtaining financial advantage by deception and one count of possessing prohibited drugs.
Further investigations – aided by the Raptor Squad and NSWCC – led to more search warrants being executed at a home in Carlingford and a warehouse unit in Alexandria on August 14.
Detectives reportedly seized a Tesla Model Y, a Mercedes-Benz van, multiple Rolex watches, large amounts of luxury jewellery and an estimated $200,000 worth of wine and other assorted alcohol, while a 40-year-old man was arrested and taken to Gladesville Police Station.
Police charged him with three counts of recklessly dealing proceeds of general crime with the intent to conceal, participating in a criminal group, and recklessly dealing with proceeds of crime greater than $5000.
He’s due to appear in Burwood Local Court today, where detectives will allege he made a number of fraudulent applications through the 31-year-old woman to approve financing to the value of $600,000, which the man attempted to then launder through various bank accounts.
Detectives also allege the woman facilitated financing for more than 50 luxury vehicles worth a combined $10 million between November 2022 and August 2023.
According to Detective Superintendent Gordon Arbinja, Commander of State Crime Command’s Financial Crime Squad, there are more arrests to be made by Strike Force Myddleton relating to the alleged finance fraud.
“We have several more targets allegedly involved in this criminal syndicate that we are interested in and want those victims of this syndicate to know more arrests are coming,” he said in a media statement.
“No one should receive a letter in the mail saying they owe tens of thousands of dollars for a car they have never seen.”
“I want to thank the businesses involved in this investigation for their outstanding cooperation. Thanks to them we have been able to prevent further innocent people from having their personal information caught up in this fraud.”
MORE: How scammers are targeting Australia’s used car market
