Barangaroo home raided, luxury cars seized in alleged multimillion-dollar scam

Li, who Arbinja said was living an “opulent lifestyle” in an $18 million Barangaroo penthouse apartment, was also charged with various firearms and drug offences. He was paying $37,000 a month in rent.

“We did ask one of the alleged offenders what they did for a living, and … he told investigators that he was a professional gambler,” Arbinja said.

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.

Arbinja said the syndicate is believed to have been operating for seven years and had been operating 91 bank accounts that $178 million had moved through.

“We suspect that all these monies are the proceeds of crime,” Arbinja said.

Police had identified 53 fraudulent loan applications allegedly made using “fictitious or stolen” identities, Arbinja said. Sometimes the same identity was used more than once.

Arbinja said police believed there were a number of “insiders in various financial institutions across NSW” and that more arrests were expected to be made.

“We will identify more people. We will not hesitate, and we will charge people with these offences,” Arbinja said.

On Wednesday, 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.

Police say they seized goods worth $4 million during the raids, including two Bentleys, a Ferrari 360, a number of luxury watches and cash in Australian and American dollars, Euros and Chinese yuan. A firearm, two tasers, body armour and a small quantity of prohibited drugs were also seized during the searches, police said. Police allege Li and He committed $16.9 million worth of fraud between them.

“What we’re alleging is that the two syndicate members that were arrested yesterday operated these accounts totalling $178 million,” Arbinja 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.

Li was remanded in custody until Friday, when he will apply for bail in Downing Centre Local Court. He did not apply for bail in Manly Local Court and was remanded in custody until his next appearance at Downing Centre Local Court on September 23.

Investigations under Strike Force Myddleton are ongoing. Anyone with information about the syndicate is urged to contact Crime Stoppers on 1800 333 000.