A significant police operation in Sydney has dismantled a luxury 'ghost car' fraud syndicate, leading to the seizure of luxury vehicles, cash, and weapons valued at $38 million.

The operation, conducted by Strike Force Raptor, involved early morning raids across multiple suburbs, including Barangaroo, Seaforth, and the CBD.

During these raids, authorities confiscated luxury vehicles such as two Bentleys and a Ferrari 360, alongside cash, drugs, and firearms.

Investigators revealed that the syndicate exploited stolen personal information to fraudulently secure loans for non-existent luxury cars, which expanded into broader financial fraud schemes.

The investigation began in January 2024, initially focusing on a 'ghost car' loan fraud scheme that later included large-scale personal, business, and home loan fraud.

As part of the ongoing investigation, the NSW Crime Commission has frozen assets linked to the fraud, amounting to $20 million.

Two men have been charged in connection with the fraud; a 34-year-old from Seaforth faces 107 charges, including $4 million in fraud, while a 38-year-old from Barangaroo faces 87 charges related to deception and forgery, totaling $12.9 million in fraud.

Both charged men have been denied bail and are scheduled to appear in court, with further media briefings planned to update the public on the investigation.

One suspect was apprehended at the Crown casino, notably wearing an expensive Louis Vuitton bomber jacket.

In total, six individuals have been arrested as part of this investigation, with the NSW Crime Commission having seized $18 million in assets prior to the recent raids.

The extensive nature of the police operation underscores the seriousness of the fraud syndicate's activities and the ongoing efforts to combat financial crime in the region.