Authorities have launched an investigation into a criminal network that has been targeting automotive finance companies in Sydney.

Investigators suspect the group has been using stolen identities to secure loans from various financial institutions, purportedly for purchasing high-end vehicles that never actually existed.

As the investigation unfolded, it became apparent that the syndicate’s fraudulent activities stretched far beyond car loan scams, involving significant fraud in personal, business, and home loans across several financial entities.

To date, Strike Force Myddleton has led to charges against fifteen individuals, who await trial, while the NSW Crime Commission has managed to seize assets valued at $60 million.

In a development yesterday around 6 a.m., police apprehended a 36-year-old man in Bonnyrigg as part of their ongoing efforts.

During the arrest, authorities reportedly confiscated luxury items, including jewelry and watches, valued at approximately $60,000.

The 36-year-old was charged with 19 offences including nine fraud charges, dealing with the proceeds of crime, and participating in a criminal group.

He was refused bail and will appear in court today.

Police will allege the man used his position as a bank employee to help the syndicate apply for about $10 million worth of business loans.