SYDNEY, AUSTRALIA — Bing ‘Michael’ Li Zhouayo, 38, has been arrested in Barangaroo as one of the alleged ringleaders of a sophisticated fraud syndicate that defrauded banks out of millions. NSW Police say $38 million in luxury assets, including Bentleys, a Ferrari, watches, and foreign currency, have been seized in the ongoing investigation.
Zhouayo and another man, aged 34 from Seaforth, have been charged with a combined 194 offences involving fraud, money laundering, and weapons possession. Police allege Zhouayo was responsible for $12 million in fraudulent activity, while his co-accused allegedly committed $4 million worth of fraud.
The pair allegedly used stolen identities to secure loans for high-end “ghost cars” that did not exist, later expanding the scam to include personal, business, and home loans. The fraud ring, believed to have operated for over seven years, was first detected in January 2024 as part of a Financial Crimes Squad operation known as Strike Force Myddleton.
During sweeping dawn raids across multiple Sydney suburbs—including Barangaroo, Seaforth, North Ryde, and Martin Place—officers seized a Ferrari 360, two Bentleys, high-end watches, and other assets. Zhouayo was arrested at a luxury $18 million Barangaroo penthouse he was renting for $37,000 per month. He was seen being led out of the residence in a Louis Vuitton jacket.
The total number of people arrested in connection with the syndicate has risen to eight. NSW Police Superintendent Gordon Arbinja described the operation as a “highly sophisticated” scheme that targeted multiple financial institutions across New South Wales.
Both suspects were denied bail and are expected to appear in Downing Centre and Manly Local Courts on Thursday.
