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Penthouse Syndicate

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The Penthouse Syndicate

Multimillion-dollar properties, sports cars and a life of luxury: Inside what is alleged to be one of the largest fraud and money-laundering syndicates in Australian history.

8 stories
Former Commonwealth Bank and NAB employee Andrew W Hu.

Banker, broker, nightclub owner: The alleged fraudster who outsmarted two of Australia’s biggest banks

For years, Andrew W Hu learnt the finance giants’ systems inside out. Detectives allege he then helped defraud his former employers of hundreds of millions of dollars.

  • Riley Walter
Police allege Anya Phan atook control of the Penthouse Syndicate after its alleged ringleader, Bing Li, was arrested in July.

The fortune-teller, the Dover Heights mansion and the alleged $70m fraud

The feng shui master predicted riches for her clients, police allege. Now, detectives investigating Sydney’s Penthouse Syndicate have swooped.

  • Riley Walter
Timotius Donny Sungkar and his watch collection.

Luxury watches and jewellery: The extravagant life of an alleged NAB fraudster

NAB employee Timotius Donny Sungkar has been charged over his role in the Penthouse syndicate’s alleged $150m bank fraud.

  • Riley Walter
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Self-proclaimed fortune-teller and feng shui master Anya Phan allegedly laundered more than $520,000 at The Star casino while receiving disability support pension payments.
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Anya earned $400 a week. To The Star she was a high-rolling VIP, police allege she was a massive fraudster

The state’s gambling regulators have launched an investigation into why the alleged head of a major crime syndicate was able to gamble a fortune at the embattled casino despite living off a meagre pension.

  • Riley Walter
Bing Li/Zhouyao Chen/Penthouse Syndicate artwork
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The multimillion-dollar property empire behind the Penthouse Syndicate

While their businesses were recording losses in the hundreds of thousands, Bing “Michael” Li and Zhouyao “Yumi” Chen were living a lavish life of sports cars, designer clothes and luxury watches.

  • Riley Walter
property gif
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The Uber driver, the factory worker and the $15m Sydney property empire

The couple rarely earned more than $80,000 a year. It didn’t stop a lavish lifestyle and buying a portfolio of multimillion-dollar homes.

  • Riley Walter
The Beauty Pavilion’s grand opening party
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The Bondi beauty salon and the alleged $10 million scam

The Beauty Pavilion’s grand opening was a festival of extravagance. Police have now gatecrashed the party.

  • Riley Walter
Penthouse syndicate
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How the Penthouse Syndicate allegedly took one of Australia’s biggest banks for $150m

A spectacular arrest at one of Sydney’s most glamorous addresses has exposed what is allegedly one of the largest fraud and money-laundering syndicates in Australian history.

  • Riley Walter

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