September 10, 2026 — 5:00am
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Detectives investigating what is alleged to be one of the biggest financial crime syndicates in Australian history believe the group has defrauded the country’s major banks of more than half a billion dollars.
Police fear banks face a “perfect storm” of losses from fraudulent loans and inflated mortgages as house values plummet across Sydney.
The Penthouse Syndicate is now believed to have fleeced Australia’s finance giants, including the National Australia Bank, Commonwealth Bank, Westpac and ANZ, of at least…
Read the full article at SMH.COM.AU
