A pair of employees from two of Australia's biggest banks are accused of being part of a syndicate that allegedly fleeced hundreds of millions of dollars. Huy Tin Nguyen, 34, and his wife, Thu Huong Nguyen, 35, were arrested at their Wentworth Point home in Sydney on Tuesday morning by financial crimes detectives.
Allegations and Charges
Mr Nguyen previously worked for National Australia Bank (NAB) and Commonwealth Bank and allegedly used information learned during his employment to process fraudulent loans. The couple are accused of helping the so-called Penthouse Syndicate, allegedly one of the biggest fraud and money laundering syndicates in Australian history. A total of 25 people have already been arrested for alleged ties to the syndicate under Strike Force Myddleton.
NSW Police allege the group fraudulently secured large-scale personal, business, car, and home loan fraud from multiple financial institutions and built a massive property empire across Sydney. The network was allegedly assisted by a web of corrupt bankers, mortgage brokers, solicitors, real estate agents, and property developers. Detectives have restrained $95 million worth of assets to date.
Details of the Fraud
The Nguyens are accused of facilitating more than $40 million worth of fraud. Court documents seen by the Sydney Morning Herald alleged the Penthouse Syndicate defrauded NAB of $150 million through its employees. Mr Nguyen was charged with participating in a criminal group contributing to criminal activity and 19 counts of dishonestly obtaining financial advantage by deception. He is accused of $31 million worth of mortgage and business loan fraud, and also of attempting to secure a fraudulent loan worth $7.2 million.
Ms Nguyen, a mortgage broker, was charged with participating in a criminal group contributing to criminal activity, three counts of dishonestly obtaining financial advantage by deception, and attempting to dishonestly obtain financial advantage by deception. Her alleged crimes amounted to $13 million worth of fraud. Both were remanded in custody ahead of a bail hearing on Friday.
Ongoing Investigation
NSW Police allege Mr Nguyen worked with the syndicate's three alleged ringleaders: Bing 'Michael' Li, Anya Phan, and Andrew W Hu. He allegedly used the name 'T nike' in a group chat with them and is accused of assisting in multiple of the group's alleged crimes. Ms Nguyen is accused of using her position at brokerage company HTN Finance to assist in the alleged fraudulent purchase of half of a duplex in Dovers Heights in February 2025, worth $13 million.
Investigations under Strike Force Myddleton are ongoing. Detective Superintendent Gordon Arbinja, commander of the financial crimes squad, said investigators will continue to search for alleged corrupt finance workers. 'These corrupt insiders undermine the integrity of Australia's lending system, and without their involvement, fraud on this scale simply wouldn't be possible,' he said. 'The community expects financial institutions to be safe and trustworthy, and we will not hesitate to hold to account anyone who abuses their position for criminal gain.'
NSW Crime Commission Executive Director Darren Bennett said the arrests on Tuesday were the latest milestone for the long investigation. 'The NSWCC has been with the police every step of the way identifying and seizing tainted assets and returning them to the people of New South Wales. Today's arrests are another positive outcome. We look forward to assisting the investigation through our unique capabilities until this matter is finalised.'
