Extraordinary moment heavily armed cops smash ghost car scam, seizing Bentleys, Ferraris, cash and Tasers - and march man dressed in $4,500 Louis Vuitton jacket out of his Barangaroo apartment
Detectives allege the group used stolen personal details to fraudulently secure loans from multiple financial institutions to purchase luxury 'ghost cars' - vehicles that never existed.
Investigations revealed the syndicate's alleged operations extended beyond car financing fraud to large-scale personal, business and home loan fraud against multiple financial institutions.
Two men have been charged over the syndicate, following a string of early morning raids by heavily armed police from Strike Force Raptor across the city on Wednesday.
One of the accused ringleaders, dressed in a Louis Vuitton bomber jacket valued at more than A$5400, was grilled by detectives before being escorted out of a Crown Sydney apartment in Barangaroo. He was later hit with dozens of serious charges.
Police seized luxury cars, designer watches, Chanel jewellery, high-end handbags, drugs and cash in various currencies, a combined haul worth $38 million.
Wednesday's raids alone netted $4.1 million worth of items, including two Bentleys, a Ferrari 360, A$20,000, US$12,100 and €1,070.
A firearm, two Tasers and body armour were also seized during the raids.
The NSW Crime Commission has frozen assets valued at $20 million.
A 38-year-old man, arrested at Barangaroo and accused of committing $12.9 million in fraud, has been hit with 87 charges.
These include 57 counts of dishonestly obtaining a financial advantage by deception, 14 counts of knowingly dealing with the proceeds of crime with intent to conceal, and four counts of using a false document to obtain a financial advantage.
He also faces charges of knowingly directing the activities of a criminal group, recklessly dealing with the proceeds of general crime with intent to conceal, and possession of a prohibited drug.
His co-accused ringleader, 34, was arrested in Seaforth on Sydney's northern beaches. He has been charged with 107 offences, including 87 counts of knowingly dealing with the proceeds of crime and 19 counts of dishonestly obtaining a financial advantage by deception.
Both men were refused bail to appear in court on Thursday.
A firearm, two tasers, and body armour (pictured) were also seized.
Six people have previously been charged with these offences and remain before the courts.
Investigators are scheduled to address the media about the alleged syndicate later on Thursday.
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