NSW man charged over $5m fraud

An alleged fraudster who swindled almost $5 million from a bank has been charged as part of a massive NSW police investigation.

The man, 43, allegedly established bogus companies and identities to con the bank into financing mortgages and equipment.

"What he was doing was obtaining loans using fraudulent documentation," a police spokesman told AAP.

Police on Friday afternoon charged the man with one count of obtaining a benefit by deception over the $4.9 million.

He's due before Campbelltown Local Court in late September.

The Mount Annan man was caught by detectives from Strike Force McMaster, a operation run by the fraud and cybercrime squad.

Another man from Glenfield, in Sydney's southwest, was earlier on Friday charged with 25 counts of fraud amounting to $3.69 million.

Police allege the 50-year-old used false and forged documents between 2003 and 2005 to obtain 12 mortgage loans.

The man is expected to appear in Campbelltown Local court on August 25.

During the course of Strike Force McMaster's investigations 21 people have been charged with 381 fraud offences, with a combined value exceeding $36 million.