A pair of employees from two of Australia's biggest banks are accused of being part of a syndicate that allegedly fleeced hundreds of millions of dollars.
Huy Tin Nguyen, 34, and his wife, Thu Huong Nguyen, 35, were arrested at their Wentworth Point home, Sydney, on Tuesday morning by financial crimes detectives.
Mr Nguyen previously worked for National Australia Bank and Commonwealth Bank and allegedly used information learned during his employment to put through fraudulent loans.
The couple are accused of helping the so-called Penthouse Syndicate, allegedly one of the biggest fraud and money laundering syndicates in Australian history.
A total of 25 people have already been arrested for alleged ties to the syndicate under Strike Force Myddleton.
NSW Police allege the group fraudulently secured large-scale personal, business, car and home loan fraud from multiple financial institutions and built a massive property empire across Sydney.
The network was allegedly assisted by a web of corrupt bankers, mortgage brokers, solicitors, real estate agents and property developers.
Detectives have restrained $95million worth of assets to date.
Huy Tin Nguyen and his wife Thu Huong Nguyen (pictured during their arrest) are accused of fraudulently securing loans as part of a large alleged property crime syndicate
Mr Nguyen (right) was accused of $31million worth of mortgage and business loan fraud
The Nguyens are accused of facilitating more than $40million worth of fraud.
Court documents seen by the Sydney Morning Herald alleged the Penthouse Syndicate defrauded NAB of $150million through its employees.
Mr Nguyen was charged with participate criminal group contribute criminal activity and 19 counts of dishonestly obtain financial advantage by deception.
He was accused of $31million worth of mortgage and business loan fraud. Mr Nguyen is also accused of attempting to secure a fraudulent loan worth $7.2million.
Ms Nguyen, a mortgage broker, was charged with participate criminal group contribute criminal activity, three counts of dishonestly obtain financial advantage by deception and attempt to dishonestly obtain financial advantage by deception.
Her alleged crimes amounted to an alleged $13million worth of fraud.
Both were remanded in custody ahead of a bail hearing on Friday.
NSW Police allege Mr Nguyen worked with the syndicate's three alleged ringleaders: Bing 'Michael' Li, Anya Phan, and Andrew W Hu.
Ms Nguyen's (left) alleged crimes amounted to an alleged $13million worth of fraud
He allegedly used the name 'T nike' in a group chat with them and is accused of assisting in multiple of the group's alleged crimes.
Ms Nguyen is accused of using her position at brokerage company HTN Finance to assist in the alleged fraudulent purchase of half of a duplex in Dover Heights in February 2025, worth $13million.
Investigations under Strike Force Myddleton are ongoing.
Detective Superintendent Gordon Arbinja, commander of the financial crimes squad, said investigators will continue to search for the alleged corrupt finance workers.
'These corrupt insiders undermine the integrity of Australia's lending system, and without their involvement, fraud on this scale simply wouldn't be possible,' he said.
'The community expects financial institutions to be safe and trustworthy, and we will not hesitate to hold to account anyone who abuses their position for criminal gain.'
NSW Crime Commission Executive Director Darren Bennett said the arrests on Tuesday were the latest milestone for the long investigation.
'The NSWCC has been with the police every step of the way identifying and seizing tainted assets and returning them to the people of New South Wales'
'Today's arrests are another positive outcome. We look forward to assisting the investigation through our unique capabilities until this matter is finalised.'