The Criminal Offence of Dishonestly Obtaining Financial Advantage by Deception in NSW

Detectives from the New South Wales Police Financial Crime Squad arrested and charged a bank employee last Friday, 7 November 2025, in relation to an alleged multi-million-dollar fraud and money laundering syndicate that was operating across Gadigal, Dharug and Dharawal land in Greater Sydney as part of an ongoing 22-month-long investigation.

Strikeforce Myddleton

Detectives linked to the State Crime Command’s Financial Crimes Squad launched Strikeforce Myddleton in January 2024, with the assistance of the New South Wales Crime Commission, with a view to cracking down on a crime syndicate that was targeting automotive financing companies across Greater Sydney.

Initial investigations by Financial Crime Squad detectives suggested that the syndicate had been using the stolen personal information of others to apply for loans via various companies that deal in automobile financing in order to purchase luxury cars that did not exist, or ghost cars. As Strikeforce Myddleton progressed, it reported finding that the criminal enterprise went beyond automobile financing.

According to police, those involved involved in the scheme had also been using other people’s details to obtain personal, business and home loans. A total of 15 people had already been arrested and charged in respect of the alleged fraud operation prior to the most recent arrest. All of their criminal cases continue to be before the courts.

The 36-year-old man charged on 7 November 2025 was arrested the day prior on Dharug land at his Bonnyrigg residence. The detectives executed a warrant at around 6 am on 6 November 2025, with the assistance of North West Metropolitan Operational Support Group. During the raid, police claim to have located around $60,000 worth of luxury jewellery and watches.

The offence of fraud in New South Wales

The 36-year-old was charged with 19 criminal offences at Cabramatta police station shortly after his arrest. These charges included 9 counts of dishonestly obtaining a financial advantage by deception, which  is a form of fraud under subsection 192E(1)(b) of the Crimes Act 1900 (NSW). The maximum penalty that applies to the offence of fraud is 10 years imprisonment.

In order to prove that a financial advantage has been obtained dishonestly via deception the prosecution must prove three elements beyond a reasonable doubt. In terms of deception, this can be perpetrated via words or actions. So, a dodgy financial transaction can count as fraud, as can actively deceiving another person.

As to whether the 36-year-old had been acting in a dishonest manner, that will be put to the ordinary person test in court. The questions involved in such an assessment are whether an ordinary person would have considered the behaviour to be dishonest, along with whether an ordinary person would be aware that their behaviour amounted to dishonesty.

The second element that must be proven is whether the deceptive behaviour resulted in the alleged criminal actor obtaining a financial advantage for themselves or another or whether it resulted in a disadvantage to someone else.

The third element that results in a finding of guilt in respect of fraud is whether the suspect acted intentionally or continued in a reckless manner, which involves not having intentionally tried to achieve the outcome, however the doer of the action was aware of the risks and potential outcomes of their behaviour, but they continued on in this manner regardless.

A second fraud offence also sits under section 192E of the Crimes Act. That offence is contained in subsection 192E(1)(a) and involves dishonestly obtaining property belonging to another by deception. This crime also carries 10 years prison time.

The three elements required to prove the crime of obtain property by deception are the same as a financial deception. The property also has to be proven to belong to another, and it can either be a tangible good or an intangible one, like shares or cryptocurrency.

The defences that the 36-year-old will have available to him to argue against the charges of obtain financial advantage, include the defence of duress, or that someone else forced him to commit the crime, as well as the defence of necessity, which involves breaking the law in order to prevent a greater harm or more serious consequences from happening.

The defence of honest and reasonable mistake of fact can be argued, which involves proving that the defendant truly believed that they weren’t breaking the law, and the last defence open to the man who was arrested last week will be lack of intent, which reveals that the person had not meant to commit a crime, as there was a dearth of purpose or any goal achieved by the defendant’s actions.

Other criminal offences involved

The Bonnyrigg man also has 10 additional offences against his name. These include one count of participate in a criminal group, contrary to section 93T of the Crimes Act. To prove this offence, which carries up to 5 years imprisonment, it must be shown that the participation contributed to criminal activity. If the defendant is shown to have directed activity, 10 years prison time applies.

Three counts of deal with the proceeds of crime, contrary to section 193C of the Crimes Act, are involved. This crime carries up to 3 years when the proceeds were less than $100,000, but it creeps to 5 years if the prosecution proves that the amount involved is more than $100,000.

Dealing with proceeds can involve holding finances, as well as concealing, disposing of or directing activity involving the use of such funds.

Four counts of possess an anabolic or androgenic steroidal agent were laid against the man’s name. This offence sits under subsection 16(1)(3)(a) of the Poisons and Therapeutic Goods Act 1966 (NSW). The crime involves a “prescribed restricted substance that is an anabolic or androgenic steroidal agent”, and those found guilty face up to 2 years imprisonment and/or a $2,200 fine.

Two further counts of possess a prescribed restricted substance other than an anabolic or androgenic steroidal agent were laid against the suspect’s name as well. This offence sits under subsection 16(1)(e)(b) of the Poisons and Therapeutic Goods Act, and it carries up to 6 months gaol time and/or a $2,200 fine.

Fraud crimes trending

The most recent figures released by BOCSAR (the NSW Bureau of Crime Statistics and Research) relate to the June quarter 2025. These statistics reveal that over the 12 months to June 2024, 46,233 fraud incidents were recorded in NSW, as compared with 40,073 for 12 months to June 2025, which translates as this criminal offence trending downwards by 13.3 percent over the two year period. 

As for the 36-year-old suspect from Bonnyrigg, he had been refused bail last Friday, prior to appearing once again in Fairfield Local Court that same day, when NSW police was to allege that the man’s involvement with the syndicate had involved his using his position as a bank employee to assist it in securing approximately $10 million worth of business loans.