Australia Charges Accountants in Multimillion-Dollar Loan Fraud Scheme

Police in New South Wales have charged three accountants with helping an organised crime syndicate obtain tens of millions of dollars in fraudulent loans, taking the number of people charged in the investigation to 33.

The syndicate is alleged to have begun by using stolen identities to finance luxury vehicles that did not exist, so-called ‘ghost cars’, before moving into large-scale personal, business and home-loan fraud against several financial institutions. Police allege the accountants abused their professional positions to approve false applications.

A 46-year-old accounting firm director is charged over documents linked to $16.2 million in loans, while two others, aged 34 and 28, face charges tied to $15.6 million and $14.5 million. The investigation started in 2024 and brings together state police, the NSW Crime Commission, tax authorities and financial regulators.

Article Credit: https://www.occrp.org/en/news/australia-charges-accountants-in-multimillion-dollar-loan-fraud-scheme