Bank fraud syndicate facing 200 charges

·1-min read

Two former bank employees and two accountants have been charged with more than 200 offences over a scheme that allegedly netted hundreds of thousands of dollars in fraudulent loans.

Police set up a strike force to investigate the syndicate and have now arrested eight people.

Four were nabbed in a police operation on Thursday, when officers searched a Liverpool business and homes in Sutherland, Kangaroo Point, Heckenberg and Liverpool.

They seized about $400,000 cash and a number of documents.

A 29-year-old Sutherland was arrested for a second time and charged with another 112 offences including directing the activities of a criminal group, possessing false document to obtain a financial advantage, and dishonestly obtaining a financial advantage by deception.

She was in December charged with 15 offences.

Police say the former bank employee used fraudulent documentation to submit false loan applications and launder $550,000.

A former bank manager, 53, was also charged with dealing with identity information to commit an indictable offence and dishonestly obtain a financial advantage.

Two accountants, 27 and 37, were also arrested each charged with participating in a criminal group and several counts of making false documents to obtain a financial advantage for allegedly submitting fraudulent tax documents on behalf of the syndicate.

Police have previously said the syndicate stole nearly $350,000 from an elderly individuals' retirement and personal accounts - essentially all their savings.

"This type of fraudulent activity is complex, well planned and salacious, particularly when you consider those allegedly involved in this fraud betrayed the trust of their customers and employers," Financial Crimes Squad Commander Detective Superintendent Linda Howlett said in a statement.

"Investigators will now be thoroughly examining the documentation and other items seized today to ensure any further victims or offences are identified."

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