Police raid accounting firm as part of investigation into major fraud syndicate

Detectives said the accountants that had worked closely with the alleged syndicate and allegedly exploited their positions to approve and facilitate fraudulent loan applications.

On Wednesday (9 September) strike force detectives with the assistance from NSW Crime Commission, ATO, ASIC, and the Tax Practitioners Board executed a search warrant at an accounting firm in Bankstown.

Three employees – including the firm’s director and two accountants – were arrested and taken to Bankstown Police Station.

A 46-year-old man was charged with knowingly directing the activities of a criminal group, 17 counts of making a false document to obtain a financial advantage, allegedly relating to $16.2 million in fraudulent loans, four counts of making, altering or failing to make an accounting document with the intention of concealing a benefit, dishonestly obtaining a financial advantage by deception, nine counts of knowingly dealing with the proceeds of crime, and hindering the discovery of evidence regarding a serious indictable offence.

A 34-year-old man was charged with participating in a criminal group and contributing to criminal activity, 17 counts of making a false document to obtain a financial advantage, allegedly relating to $15.6 million in fraudulent loans, four counts of making, altering or failing to make an accounting document with the intention of concealing a benefit, and dishonestly obtaining a financial advantage by deception.

Both men were refused bail and were due to appear at Bankstown Local Court on 10 September.

Police also charged a 28-year-old woman with participating in a criminal group and contributing to criminal activity, 17 counts of making a false document to obtain a financial advantage, allegedly relating to $14.5 million in fraudulent loans, and four counts of making, altering or failing to make an accounting document with the intention of concealing a benefit.

Strike force detectives, with assistance from Raptor Squad, also recently executed search warrants in Smithfield and Cabramatta West. Two women - aged 37 and 58 - were arrested and taken to Cabramatta Police Station.

The 37-year-old woman was charged with seventeen counts of knowingly deal with proceeds of crime and three counts of dishonestly obtain financial advantage by deception, allegedly relating to $5.3 million in fraudulent loans, participate criminal group contribute criminal activity and knowingly deal with proceeds of crime intent to conceal, totalling almost $1 million.

A 58-year-old woman was charged with participating in criminal activity and three counts of dishonestly obtaining a financial advantage by deception, allegedly relating to almost $13 million in fraudulent loans.

Both women were granted conditional bail and are due to appear in court on 14 October 2026.

ATO Deputy Commissioner Pennie Snowden said professional facilitators who assist others to commit financial crime undermine confidence in Australia's tax and superannuation systems and create an unfair advantage over the vast majority of taxpayers and advisers who do the right thing.

“The ATO is committed to identifying and addressing these behaviours wherever they occur. We work closely with law enforcement, regulators and industry partners to detect serious non-compliance and hold people accountable," said Snowden.

“If you've participated in mortgage fraud, false income declarations or related tax avoidance arrangements, now is the time to review your affairs. The ATO encourages voluntary disclosure before compliance action commences. The Community can help us stop suspected tax crime by making an anonymous tip-off online or calling 1800 060 062.”

Tax Practitioners Board (TPB) Chair, Peter de Cure AM, said that practitioners play a vital role in Australia's tax and superannuation systems and that the TPB works closely with law enforcement and partner agencies to address serious misconduct and protect the integrity of the tax system.

“Any agent found to be involved in the facilitation of fraud or other criminal activity can expect the TPB to take strong regulatory action. In appropriate cases that can include removal from the tax profession," said de Cure.