Three Charged in Alleged A$600 Million Sydney Fraud

Police have charged three employees at a western Sydney accounting firm over a scheme they allege defrauded banks of 600 million Australian dollars.

Authorities executed a search warrant at the firm Wednesday afternoon and arrested its director and two accountants, police said Thursday in a report carried by Xinhua. The alleged amount is equivalent to about $432.8 million in U.S. currency, according to the report.

The arrests brought the total number of people arrested in the broader investigation to 33. Strike force detectives have investigated a criminal syndicate targeting Sydney automotive financing companies since 2024, police said.

Investigators allege the syndicate used stolen personal information to apply for personal, business and home loans from multiple financial institutions. The supplied report did not identify those charged, list specific charges, name the affected institutions or explain how the alleged total was calculated.

The allegations against the syndicate and the three employees were not independently established in the supplied material. No response from the accused was included.

This is a developing story. Virginia Times will update as information becomes available.