Fortune-Teller Arrested in Massive $250 Million Banking Fraud Scheme
A Sydney fortune-teller who allegedly helped run one of Australia’s largest-ever banking fraud networks has been arrested at her multimillion-dollar mansion, accused of playing a key role in a sprawling $250 million scam.
Police say 53-year-old Anya Phan, a self-described fortune-teller and feng shui master, used her influence within the Vietnamese community to recruit people into a criminal network known as the Penthouse Syndicate. Phan and her 25-year-old daughter were taken into custody on Wednesday morning after a police raid on their $12.9 million Dover Heights property.
Anya Phan was arrested at her $12.9 million Dover Heights home on Wednesday morning.
Alleged Ringleader and Bank Corruption
Detectives allege the syndicate, led by 38-year-old Bing “Michael” Li, defrauded multiple banks — including the National Australia Bank — through fraudulent loans and money laundering operations that span at least seven years.
A senior NAB business manager, Timotius Donny Sungkar, was previously charged with approving millions in fake business loans. Police allege he was bribed to push through fraudulent applications tied to shell companies created by the syndicate.
Investigators believe the Penthouse Syndicate used stolen funds to purchase luxury properties across Sydney, often in the names of unwitting “mules” recruited by Phan. Property records show her Dover Heights mansion — complete with a pool, cinema, and sweeping city views — was bought earlier this year with a NAB mortgage.
Fortune-Teller’s Alleged Role
Police say Phan convinced vulnerable people to take out large loans, claiming she foresaw financial success and “billions in the future.” She allegedly took a cut from the loan proceeds before channeling the rest through the syndicate’s property and casino operations.
A search of her home uncovered luxury handbags, a 40-gram gold bar, thousands in casino chips, and financial records.
Phan now faces 39 criminal charges, including directing a criminal group, obtaining financial advantage by deception, and dealing with proceeds of crime. Her daughter has also been charged with related offences.
Strike Force Myddleton Investigation
Detectives from Strike Force Myddleton, formed in January last year, have identified over $150 million in fraudulent mortgage and business loans connected to the group. Police have also seized $75 million in assets, including high-end cars, properties, and jewellery.
The investigation began as a probe into fake luxury car purchases, before expanding into what officers now describe as a massive corporate fraud and money-laundering operation involving corrupt financial professionals, solicitors, and brokers.
“What began as an investigation into fraudulent car financing has expanded into uncovering one of the most sophisticated financial crime syndicates I have seen in my career,” said Detective Superintendent Gordon Arbinja, commander of the Financial Crimes Squad.
“Our detectives have worked tirelessly to uncover a network that not only targeted banks but also manipulated vulnerable individuals for personal gain.”
Property records show Phan’s Dover Heights home was purchased in February this year for $12.9 million with a NAB mortgage.
The Aftermath
Li, the alleged mastermind, remains in custody following several failed bail attempts. He was arrested in July inside an $18 million penthouse at Sydney’s Crown Residences, where police say he managed the syndicate’s operations and laundered money through the casino.
Phan has been refused bail and is due to appear in Downing Centre Local Court on Thursday. Her daughter has been granted conditional bail and will appear in court in January.
Police expect further arrests as the investigation continues into other professionals suspected of helping the Penthouse Syndicate secure fraudulent loans and conceal millions in illicit profits.