Fraud Frenzy: Former NAB Banker Arrested Over $200 Million Scam That Duped Top Lenders Across Australia
- A 36-year-old ex-NAB employee has been charged over his alleged role in a massive $200 million bank fraud syndicate
- The syndicate used stolen personal information to apply for loans and purchase luxury “ghost cars” that didn’t exist
- Police seized $60,000 worth of luxury jewellery and watches during a raid at the accused’s home in Bonnyrigg
Police have arrested a former National Australia Bank (NAB) employee in Sydney, accusing him of being a key player in a $200 million fraud syndicate that has left top lenders across the country reeling.
Timotius ‘Donny’ Sungkar, 36, was taken into custody during a dramatic raid at his home in Bonnyrigg, where detectives uncovered a stash of luxury jewellery and watches worth approximately $60,000.
“Initially, the syndicate we were investigating was involved in vehicle financing for cars that didn’t exist,” said Detective Superintendent Gordon Arbinja from the Financial Crimes Squad. “Since then, police have discovered that the syndicate has expanded to mortgage, personal, and business loans that we now believe amount to well over $200 million.”
Mr Sungkar, who worked as a business bank manager at NAB’s Bankstown business centre, allegedly used his position to assist the syndicate in applying for approximately $10 million worth of business loans.
“The bank from the outset has assisted police, and we cannot get to this stage without the bank’s assistance,” Superintendent Arbinja said. “They did everything in relation to proper mechanisms with protocols and integrity training.”
NAB executive Chris Sheehan said the bank had a zero-tolerance approach to criminal conduct and acted swiftly to terminate Mr Sungkar’s employment. “NAB has worked in partnership with NSW Police on this matter and continues to provide significant support to aid the investigation and attempted recovery of any funds lost to criminal activity,” he said.
Detectives believe the syndicate may have defrauded as much as $250 million, with at least 15 people previously charged in relation to the alleged scheme. The NSW Crime Commission has so far restrained $60 million in assets.
“In my time investigating corporate corruption matters of this magnitude, it would have to be in the top three that I’ve ever seen,” Superintendent Arbinja said. “It’s well over $200 million, and I suspect it could actually get to a quarter of a billion.”
Mr Sungkar has been refused bail and is set to appear in Fairfield Local Court on Friday, facing 19 charges including dishonestly obtaining financial advantage by deception and participate in a criminal group to contribute to criminal activity.