SYDNEY — A former senior National Australia Bank (NAB) manager has been charged with multiple offences over his alleged role in one of Australia’s largest-ever fraud and money laundering syndicates, worth more than $150 million.
Following a two-year investigation by NSW Police Strike Force Myddleton, officers arrested Timotius Donny Sungkar, 36, at his Bonnyrigg home on Thursday morning.
Police allege Sungkar, who was NAB’s senior business banking manager, used his position to help the so-called “Penthouse Syndicate” secure more than $10 million in fraudulent loans.
During the raid, detectives seized $60,000 worth of luxury jewellery and watches. Sungkar faces 19 charges, including:
Nine counts of dishonestly obtaining financial advantage by deception
Four counts of possessing or attempting to possess anabolic steroidal agents
Dealing with the proceeds of crime
Participating in a criminal group
He was refused bail and is due to appear before Fairfield Local Court on Friday.
According to investigators, the syndicate used stolen personal information to obtain fake loans for luxury “ghost cars” and used corrupt solicitors, brokers, and agents to build a property empire worth tens of millions.
Sungkar was reportedly paid $17,000 by alleged ringleader Bing “Michael” Li, 38, to facilitate fake business loans for shell companies. Li, who was arrested in July at Crown Towers Sydney, faces 87 charges including directing a criminal group and money laundering.
Two other syndicate members, Hanna Karliana, 60, and Indra Hari Nurkianto, 61, were charged earlier this year for their alleged involvement.
NAB confirmed that Sungkar, who joined the bank in 2008 and became a senior manager in 2022, has since been terminated.
NAB CEO Andrew Irvine addressed the matter, saying:
“We have zero tolerance for insider fraud. We’re reviewing all of our processes and controls to strengthen our systems further.”
The NSW Crime Commission has already seized more than $60 million in assets linked to the syndicate, while investigations continue into whether other major banks were targeted.
