3 months ago
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The accused ringleaders of a large-scale fraud and money laundering scheme allegedly used stolen personal information to apply for home and business loans used to purchase non-existent luxury cars and defraud several financial institutions of almost $17 million.
Strike Force Myddleton detectives arrested the alleged ringleaders, 38-year-old Bing “Michael” Li and 34-year-old Yizhe “Tony” He, in sweeping raids across Sydney on Wednesday morning.
NSW Police’s financial crimes squad and the NSW Crime Commission launched Strike Force Middleton last January to investigate the syndicate’s alleged targeting of automotive companies. But, police said, the fraud extended beyond car financing to business and home loans and targeted several financial institutions.
Bing, who police allege directed the activities of the syndicate, was arrested in Barangaroo and taken to Day Street police station, where he was charged with 87 offences including knowingly directing the activities of criminal group, knowingly dealing with the proceeds of crime and dishonestly obtaining financial advantage by deception. Bing was also charged with various firearms and drug offences.
Yizhe He was arrested in Seaforth and charged at Manly police station with 107 offences including participating in a criminal group and contribute criminal activity, dishonestly obtaining financial advantage by deception and knowingly dealing with the proceeds of crime.
Police allege Bing and He committed $16.9 million worth of fraud between them. Both were refused police bail to appear in court on Thursday.
Officers executed 10 search warrants across Sydney, raiding properties in Barangaroo, Seaforth, North Ryde, Macquarie Park, Sylvania Waters, Camperdown, Mortdale, Haymarket, Martin Place and the CBD.
During Wednesday’s raids, police say they seized goods worth $4 million, including two Bentleys, a Ferrari 306, a number of luxury watches and cash in Australian and American dollars, and Euros. A firearm, two tasers, body armour and a small quantity of prohibited drugs was also seized during the searches, police said.
The NSW Crime Commission, which previously froze $18 million worth of assets linked to the syndicate, froze a further $20 million worth of goods on Wednesday. Six other people allegedly involved in the syndicate have previously been arrested and remain before the courts.
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