NSW Police have charged four people after uncovering an alleged criminal syndicate involving identify theft and banking fraud totaling more than $1 million.
In August 2021, detectives set out to investigate numerous fraudulent transactions and payments across Sydney.
Police make an arrest in connection with an alleged criminal syndicate involved in multiple identity and banking frauds.Credit:NSW Police
Police will allege the investigation led to the discovery of a crime ring that had created a number of “shell companies” which existed only on paper.
The group used the companies to obtain checkbooks, EFTPOS terminals and to create banking profiles to gain fraudulent funds, police allege.
Police say the funds were used to withdraw cash, purchase clothing, motor vehicles and jewellery, and for the alleged fraudsters to pay for day-to-day expenses.
Just after 5am on Thursday, detectives executed four search warrants across Bankstown, Pyrmont and the CBD and seized about $130,000, $US5000, numerous EFTPOS terminals, luxury jewelery and clothing, a Mercedes Benz C200 and electronic devices.
A 33-year-old man, who police will allege was the leader of the syndicate, and a 42-year-old woman were arrested at a unit in Bankstown.
The man was charged with 52 offenses in relation to the syndicate while the woman was charged with six counts including dishonestly obtaining financial advantage by deception.