Overview

• NSW Police and the Crime Commission executed pre-dawn raids on ten Sydney properties, seizing or freezing a total of $38 million in luxury cars, cash, watches and other assets.
• Two men aged 38 and 34 were arrested at Barangaroo and Seaforth locations and denied bail on nearly 200 charges including deception, forgery and dealing in proceeds of crime.
• Investigators say the probe began in January 2024 targeting ‘ghost car’ loan fraud and has since uncovered schemes involving personal, business and home loans.
• Among the assets recovered were two Bentleys, a Ferrari 360, a firearm, tasers, body armour and a small quantity of prohibited drugs.
• Authorities report the investigation remains ongoing as they pursue additional suspects and work to recover further proceeds of the fraud network.