Penthouse Syndicate accused of $500m bank fraud
The Penthouse Syndicate has allegedly defrauded Australia's four major banks of more than half a billion dollars in what is being described as one of the country's biggest financial crimes. Police allege the group used stolen identities and fake documents to secure loans for non-existent cars before expanding the scheme into property and business finance. Thirty-three people have been arrested so far, with more arrests expected.See omnystudio.com/listener for privacy information.
The skinny
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