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A former senior NAB business banking manager has been charged with a string of offences over his alleged involvement in one of Australia's biggest-ever fraud and money laundering syndicates. For almost two years, NSW detectives under Strike Force Myddleton have been investigating a highly sophisticated $150million syndicate operating across Sydney. The investigation initially uncovered that the syndicate allegedly used stolen personal information to apply for loans through various financial companies to purchase luxury 'ghost cars' that did not exist. Police have been investigating several NAB employees for allegedly facilitating home and business loans for the scheme, dubbed Penthouse Syndicate, which allegedly acquired a property empire worth tens of millions using corrupt solicitors, agents, and mortgage brokers. Following extensive inquiries, detectives arrested Timotius Donny Sungkar, 36, at a Bonnyrigg home in Sydney's south-west on Thursday morning. Arrest footage showed heavily-armed officers lined up to storm the home before Sungkar was escorted away by detectives. Police allegedly seized $60,000 worth of luxury jewellery and watches in the early morning raid. Sungkar was charged with 19 offences, including nine counts of dishonestly obtaining financial advantage by deception, and four counts of possessing or attempting to possess anabolic or androgenic steroidal agents. Other charges included possessing or attempting to possess a prescribed restricted substance, dealing with the proceeds of crime, and participating in a criminal group contributing to criminal activity. He was refused bail to appear in Fairfield Local Court on Friday. Police will allege that Sungkar used his role at NAB to apply for $10million worth of business loans for the syndicate. Sungkar was initially stood down pending the outcome of internal and police investigations but has since been sacked by NAB, the Sydney Morning Herald reported. He had worked for the bank since 2008 in customer advisory roles and as a mortgage broker before moving into a senior position in 2018. Sungkar had been a senior business banking manager since 2022, according to his LinkedIn profile. No NAB customers were targeted in the alleged scheme. Fifteen others previously charged under Strike Force Myddleton remain before the courts. They include alleged syndicate ringleader, Shanghai-born Bing 'Michael' Li, 38, who was arrested in July following a raid of a penthouse at the Crown Towers Sydney in Barangaroo. He was charged with 87 offences, including knowingly directing the activities of a criminal group and dealing with the proceeds of crime. Police allege Sungkar was paid $17,000 by Li to facilitate fraudulent business loans worth millions of dollars for 'shell' companies bought by the syndicate. They also allege Sungkar approved fraudulent business loans worth millions to syndicate members Hanna Karliana, 60, and her partner, Indra Hari Nurkianto, 61. The pair were charged with various offences in August. Hours after Sungkar's arrest on Thursday, NAB chief executive Andrew Irvine publicly addressed the scandal for the first time. '(Alleged) insider fraud is always difficult, we've got zero tolerance for it, and you can be sure that we're looking at all of our processes and controls to make sure that those are strengthened as we go forward,' he told SMH. Investigations continue into whether other major banks were caught up in the alleged syndicate. The NSW Crime Commission has already seized $60million in assets linked to alleged syndicate members.
