Pair charged over alleged role in multi-million Sydney fraud scheme

A former banker and a former financial broker have been charged over their alleged involvement in a $44 million fraud and money laundering scheme.

The arrests come as investigations continue into a Sydney-based syndicate allegedly partaking in a massive fraud, where stolen personal information was used to apply for loans through financial companies to purchase luxury "ghost cars" that did not actually exist.

Police then found the syndicate allegedly orchestrated widespread personal, business, and home loan fraud against financial institutions.

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Yesterday morning, Raptor Squad raided a home in Wentworth Point in Sydney's north-west, where a 34-year-old man and a 35-year-old woman were arrested.

It is alleged the man worked as a business development manager to help the syndicate acquire mortgaged properties worth more than $25 million and business loans worth more than $6 million.

He allegedly did this by helping create and approve fraudulent documents.

The woman, in her role as a financial broker, allegedly applied for almost $13 million in loans from banks using fake documentation.

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The man was charged with participating in a criminal group and contributing to criminal activity and 19 counts of dishonestly obtaining financial advantage by deception.

The woman was hit with multiple charges, including participating in a criminal group and contributing to  criminal activity

They were both refused bail to appear at Burwood Local Court today.

Police have charged 25 people in connection with the scam, and the NSW Crime Commission has restrained $95 million in assets.

This includes a solicitor who was charged in March for allegedly laundering millions of dollars on behalf of the syndicate.