A Sydney couple, Huy Tin Nguyen and Thu Huong Nguyen, have been arrested and charged over facilitating more than $40 million in fraud tied to the Penthouse Syndicate, one of Australia’s largest reported fraud and money‑laundering rings.

Prosecutors allege the Nguyens leveraged insider knowledge from past roles at NAB and Commonwealth Bank to support a network of compromised mortgage brokers, solicitors, real estate agents, and developers in submitting fraudulent loan applications.

Both defendants were refused bail and are scheduled to appear at Burwood Local Court; Huy Tin Nguyen arrived in custody on crutches with a dachshund when arrested.

Police allege the Penthouse Syndicate, led by ringleaders Bing “Michael” Li, Anya Phan, and Andrew W Hu, defrauded NAB through at least 14 fraudulent home loan applications between 2024 and 2025 and sought additional loans and mortgages worth millions.

Huy Tin Nguyen faces 19 charges of dishonestly obtaining financial benefit by deception related to about $31 million in mortgage and business loan fraud, while Thu Huong Nguyen faces counts including participating in a criminal group and about $13 million in fraud.

Strike Force Myddleton, NSW’s major financial crime operation, has charged 27 alleged syndicate members to date, with asset restraints totaling around $95 million across properties, vehicles, cash, jewellery, and luxury goods.

Detectives say the Nguyens operated within a wider scheme that rotates mortgage brokers to avoid detection, with Thu Huong Nguyen allegedly using HTN Finance Pty Ltd to facilitate fraudulent home loans and Huy Tin Nguyen involved in business loan fraud for the syndicate.