A 25-year-old Chinese national, An Chen, has been charged with 15 counts of recklessly dealing with the proceeds of crime in connection with a $3.8 million luxury car loan fraud. Chen, who is in Australia on a protection visa and has no local family, is one of six people accused of being involved in an alleged luxury car fraud racket that took over $10 million worth of loans from a western Sydney car financing group.
The Alleged Fraud
The fraud involved using stolen identity documents to purchase dozens of Teslas and Mercedes-Benzes in the names of at least 33 individuals who had not taken out the loans and were unaware of the transactions. The money from these “ghost car” loans was then allegedly laundered by members of the syndicate.
Chen is alleged to be the sole signatory on a company bank account that received $3.8 million across 15 transactions in 2023. Police claim he transferred over $30 million offshore to bank accounts in China. Chen’s barrister argued that his client was potentially a victim of fraud, pointing out that someone identifying as Chen had contacted ANZ bank in 2023 claiming to be a victim of fraud.
Assets Seized
The strike force is continuing to investigate another $50 million worth of fraud. Chen’s bail application was denied due to concerns about his ability to flee, as extradition between Australia and China is “practically non-existent.”
Chen will return to court next month. The case raises questions about the extent of his involvement in the alleged fraud and whether he was a willing participant or another victim of the scammers.
