A Sydney woman has been charged in connection with a massive $70 million fraud case, which authorities describe as being among the most complex financial crime syndicates in Australia’s history.

On Wednesday morning, detectives apprehended 53-year-old Anna Phan at her luxurious Dover Heights residence, valued at nearly $14 million, located in the eastern suburbs of Sydney. Her 25-year-old daughter, Thi Ta, was also taken into custody during the operation.

Phan, who presented herself as a feng shui expert and fortune teller, allegedly targeted vulnerable individuals within Sydney’s Vietnamese community. She is accused of persuading them to take out loans under false pretenses.

Authorities claim Phan retained a portion of the loan money for herself, assuring her clients that their financial futures were secure thanks to a supposed ‘billionaire’ benefactor. Her daughter is alleged to have played a role in the scam.

The fraudulent activities are estimated to have resulted in approximately $70 million in losses for the victims.

During the raid, police confiscated various items from Phan’s property, including financial records, mobile phones, electronic devices, luxury handbags, a 40-gram gold bar valued at about $10,000, and $6,600 in casino chips.

The arrests follow an extensive investigation launched in January 2024 into a syndicate allegedly using stolen identities to obtain financing for luxury ‘ghost cars’ that never existed.

Detectives say the operation later uncovered large-scale loan fraud across multiple financial institutions, extending beyond the alleged car financing scam.

Detectives arrested the mother and daughter at a Dover Heights mansion about 6am on Wednesday

Detectives believe it was the most sophisticated financial crime syndicates they’d ever seen 

The pair were arrested at a $12.9million Dover Heights property on Wednesday (pictured) 

The so-called Penthouse Syndicate allegedly defrauded the National Australia Bank out of more than $150m over two years, according to a months-long investigation by the Herald.

The syndicate allegedly used the money to develop a property portfolio across the city, aided by allegedly corrupt bank employees.

Detectives claim the fraud totalled about $250m across major banks and financiers over a period of seven years.

NAB senior business banking manager Timotius Donny Sungkar, 36, was arrested and charged last week after allegedly facilitating about $10m in fraudulent loans for the syndicate.

Police allege Sungkar was paid $17,000 to approve the loans applied for with documents linked to shell companies purchased by the syndicate. He remains in custody facing 19 charges.

Chris Sheehan, NAB executive group investigations, said customers were not impacted by the alleged incident, adding it had worked in partnership with police, acted swiftly and terminated his employment. 

‘NAB has zero tolerance for employees who engage in criminal conduct. NAB acted swiftly to investigate and this individual’s employment was terminated,’ he said.

‘There has been no customer impact or financial losses by customers as a result of this matter. We are unable to comment further while this investigation is ongoing and before the Court.’

The Penthouse Syndicate allegedly purchased dozens of Sydney properties using mules.

Phan allegedly recruited mules under directions from the group’s alleged ringleader 38-year-old Bing ‘Michael’ Li, from Shanghai.

Li was arrested in July at an $18m penthouse in the Crown’s residential Barangaroo tower, from where he allegedly directed the syndicate. 

Thi Ta, 25, was arrested alongside her mother at the Dover Heights home

Both women have been charged over their alleged roles in a fraud worth about $70million

The arrests follow an extensive investigation launched in January 2024 into the syndicate 

Phan’s four-bedroom, four-and-a-half bathroom Dover Heights home was purchased for $12.9m, reportedly with a mortgage from NAB.

The luxury property includes an indoor cinema, a six-person lift, a gym and steam room, swimming pool, and sprawling harbour views.

Seventeen people have previously been charged under Strike Force Myddleton, with $60m in assets already restrained by the NSW Crime Commission.

The latest arrests brought the total value of seized assets to $75m after an additional $15m was frozen this week.

Financial Crimes Squad Commander Detective Superintendent Gordon Arbinja said the case had revealed one of the most complex operations his team had seen.

‘What began as an investigation into fraudulent car financing has expanded into uncovering one of the most sophisticated financial crime syndicates I have seen in my career,’ he said.

‘Our detectives have worked tirelessly to uncover a network that has not only targeted financial institutions but also manipulated vulnerable individuals for personal gain.’

NSW Crime Commission Executive Director Darren Bennett said asset recovery was a key focus of the agency. 

NAB senior business banking manager Timotius Donny Sungkar, 36, was arrested and charged last week after allegedly facilitating about $10m in fraudulent loans for the syndicate

About $6600 in casino chips, luxury handbags and financial documents were also seized

Detectives seized a gold bar worth an estimated $10,000 during the early-morning raid

‘Recovering assets is not just about punishment – it’s about restoring confidence and returning value to the people of NSW,’ he said.

‘Our role is to ensure that crime does not pay. Every dollar we recover is a dollar that won’t fund further criminal activity and can instead be redirected to benefit the community.’

Phan faces 39 charges, including knowingly directing the activities of a criminal group and multiple counts of fraud and dealing with proceeds of crime.

She was refused bail to appear at Downing Centre Local Court on Thursday.

Ta, her daughter, faces several charges including two counts of dishonestly obtaining financial advantage by deception and recklessly dealing with the proceeds of crime.

She was granted conditional bail to appear in Downing Centre Local Court on Friday 23 January 2026.

 HOW THE SCHEME ALLEGEDLY WORKED

• Phan allegedly targeted vulnerable people in Sydney’s Vietnamese community.
• As a fortune teller, she allegedly told them she saw a ‘billionaire’ in their future.
• She then allegedly convinced them to take out loans in their own names – essentially becoming mules for the syndicate.
• Some of these loans were allegedly for luxury ‘ghost cars’ that never existed.
• Police allege Phan kept a share of the loan money for herself.
• The proceeds allegedly flowed through shell companies and accounts controlled by the syndicate.
• Detectives say the group was overseen by alleged mastermind Bing ‘Michael’ Li.
• An NAB senior business banking manager,  now facing 19 charges, allegedly approved fraudulent applications in exchange for cash.
• The syndicate allegedly used the fraudulent loans to build a Sydney property portfolio aided by allegedly corrupt bank employees
• Homes allegedly were bought under the names of mules, helping disguise who really controlled them.