A couple working in finance have been charged over a multimillion-dollar fraud scheme involving the purchase of luxury "ghost cars" that did not exist.
Police arrested and charged Huy Tin Nguyen, 34, and his wife Thu Huong Nguyen, 35, after forcing entry into their Sydney apartment during a search on Tuesday morning.
Detectives allege the pair were part of a wider syndicate that used stolen personal information to fraudulently apply for loans through various finance companies to purchase fake luxury ghost cars.
Police have been investigating the syndicate since January 2024 and have charged 25 people, who remain before the courts.
It's believed the syndicate’s reach extended beyond car financing orchestrating large-scale personal, business and home loan fraud against multiple financial institutions, police said.
Police on Tuesday arrested Huy Tin Nguyen, 34, who has worked as a business development manager.
He allegedly leveraged his professional authority to assist the syndicate in acquiring mortgaged properties worth more than $25 million and business loans of more than $6 million, by facilitating and approving a series of fraudulent documents.
Mr Nguyen was charged with contributing in criminal activity and 19 counts of dishonestly obtaining financial advantage by deception.
Thu Huong Nguyen was also arrested on Tuesday after working as a financial broker.
She allegedly worked with the criminal group and applied for almost $13 million dollars in loans from banks using fraudulent documentation.
Ms Nguyen was charged with participating in a criminal group to contribute to criminal activity, three counts of dishonestly obtaining a financial advantage by deception and attempting to dishonestly obtain a financial advantage by deception.
Detective Superintendent Gordon Arbinja said investigators are now entering a critical phase of the operation.
“The community expects financial institutions to be safe and trustworthy, and we will not hesitate to hold to account anyone who abuses their position for criminal gain," he said.
The pair did not apply for bail in Burwood Local Court on Wednesday and remain behind bars until their cases return to court on Friday.
