Ex-NAB Staffer Charged as Alleged ‘Gatekeeper’ for $200mn Fraud Syndicate

Australian authorities charged a former National Australia Bank employee they allege acted as the “gatekeeper of funds” for a Sydney crime syndicate accused of defrauding “all financial institutions,” according to a Reuters report.

Financial crime detectives detained a 36-year-old Timotius “Donny” Sungkar early Thursday at a property in western Sydney, seizing about A$60,000 (US$38,988) in luxury jewelry and watches, the news agency said. He faces 19 charges, including obtaining financial advantage by deception, participating in a criminal group and recklessly dealing with crime proceeds.

Police say the syndicate ran fake car financing schemes and broader loan fraud exceeding A$200 million. Sungkar, who worked at NAB for more than a decade and served as a senior business banking manager, allegedly facilitated A$10 million in fraudulent business loans over at least three years on behalf of the fraud and money-laundering crime group, Reuters said.

“This person … is the gatekeeper of funds,” Detective Superintendent Gordon Arbinja said in remarks cited in the report. “Without this person, the fraud cannot be facilitated.”

The arrest follows July raids in which police charged two alleged ringleaders with a combined 194 offences and seized A$38 million in assets, including two Bentleys and a Ferrari. Arbinja said more arrests are expected as investigators focus on “professional facilitators” such as bankers, mortgage brokers and lawyers.