Luxury bags seized as cops target alleged $10m fraud scheme
Written by admin on November 7, 2024
Detectives have seized a handful of luxury handbags as part of their crackdown on an alleged $10m fraud scheme which involved the sale of luxury cars that did not exist.
A fourth man is now due to face court after the latest action from police – who launched an investigation in January into allegations a criminal syndicate was targeting automotive financing companies in the city.
It is alleged the syndicate was using stolen information of more than 33 people to apply for loans through various financial companies.
The funds were then allegedly used to purchase luxury vehicles that did not exist.
An estimated $10m was allegedly stolen through the scheme.
On Wednesday, police and the specialist Raptor Squad raided a home in Lindfield on Sydney’s Upper North Shore where a 36-year-old man was taken into custody.
A number of luxury items, including what appear to be designer-brand handbags, and jewellery valued at $80,000, were seized.
The man was subsequently charged with knowingly directing activities of criminal group and 19 counts of knowingly dealing with proceeds of crime with intent to conceal.
He was remanded into custody and will appear before Hornsby Local Court on Thursday.
Three others have also been charged and have matters before the courts.
In August, police charged a 31-year-old woman with 102 counts of dishonestly obtaining a financial advantage by deception, and possessing a prohibited drug.
A 40-year-old man was also later arrested and charged with multiple counts of recklessly dealing with the proceeds of crime and participating in a criminal group.
A number of items were also seized from a Carlingford property and Alexandria warehouse, including $200,000 in wine, a Tesla and Mercedes Benz van, and Rolex watches.
Financial Crimes Squad Commander Detectives Superintendent Gordon Arbinja said detectives were continuing to close in on all the suspected members of the alleged syndicate.
“Detectives with the assistance of the NSW Crime Commission have continued to disrupt this alleged criminal syndicate preventing them from continuing to scam the NSW public,” he said.
“Our goal is to prevent any more businesses or members of the public falling victim to syndicates like this and prevent these groups from continuing to profit from their crimes,” Det Supt Arbinja said.
“We will continue to pursue this alleged criminal syndicate with the help of the NSW Crime Commission, and we will put them before the courts.”
NSW Crime Commission Executive Director Darren Bennett said the NSW Crime Commission had already restrained $18 million in assets.
“The hard work for us has just begun as well as we endeavour to return these criminal proceeds to the people of NSW and continue to work parallel to the NSW Police in this investigation,” Mr Bennett said.
Investigations into the alleged syndicate are ongoing.
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