A senior National Australia Bank (NAB) business banker who began his career as a mortgage broker has been charged over his alleged involvement in a sprawling $150 million fraud and money-laundering operation that police say infiltrated multiple financial institutions.
Timotius “Donny” Sungkar, 36, was arrested in a dawn raid at his family home in Bonnyrigg, in Sydney’s west, and charged with 19 offences, including nine counts of dishonestly obtaining a financial advantage by deception, participating in a criminal group, and dealing with the proceeds of crime.
Police allege that Sungkar used his position as a senior business banking manager to help a criminal organisation known as the “Penthouse Syndicate” obtain around $10 million in fraudulent business loans. His arrest marks a major development in Strike Force Myddleton, a NSW Police Financial Crimes Squad investigation that began early last year.
According to publicly available employment history, Sungkar worked for NAB for more than a decade, with a period as a mortgage broker at Bill Constantinidis-founded Sydney-based firm Lending Association before returning to the bank in 2018. He was promoted to senior business banking manager in 2022, overseeing relationships with commercial clients and liaising with brokers submitting loan documentation.
Police will allege that Sungkar leveraged that access to fast-track fraudulent loan approvals for shell companies linked to the syndicate. Court documents indicate that he received payments routed through associates’ bank accounts in return for facilitating the loans.
Detectives seized around $60,000 worth of luxury jewellery and watches from Sungkar’s home during Thursday’s search. Social media posts show him displaying a number of high-end watches, including Rolex and Hublot models, which investigators are examining as part of the probe.
Strike Force Myddleton was established after authorities uncovered a network allegedly using stolen personal information to apply for finance on “ghost cars” — luxury vehicles that did not exist. The investigation has since widened to include large-scale home and business loan fraud against several major lenders.
Police say the syndicate’s operations were highly organised, using false company records and fabricated financial statements to inflate borrower incomes. It is alleged that the group purchased aged shelf companies with trading histories, then used them to obtain multimillion-dollar loans from banks.
The alleged ringleader, Bing “Michael” Li, was arrested in July in a Barangaroo penthouse apartment and is accused of directing the laundering of millions through property purchases and other assets. The NSW Crime Commission has seized $60 million in property, cars and luxury goods linked to the syndicate’s members.
Detective Superintendent Gordon Arbinja, commander of the Financial Crimes Squad, said the NAB employee’s role was critical to the scheme’s success. “As far as I’m concerned, he’s the gatekeeper of funds,” he told reporters. “Without this person, the fraud cannot be facilitated.”
NAB confirmed that Sungkar’s employment had been terminated following his arrest. Executive for group investigations Chris Sheehan said the bank had “acted swiftly” and was working closely with NSW Police on the investigation and recovery efforts.
“There is absolutely no place for financial crime in our community,” Sheehan said. “We recognise the important role we play in the monitoring and reporting of suspicious activity.”
Chief executive Andrew Irvine told media that the bank was reviewing its internal controls. “Insider fraud is always difficult,” he said. “We’ve got zero tolerance for it, and you can be sure we’re looking at all of our processes and controls to make sure those are strengthened as we go forward.”
Police have confirmed that no NAB customers were directly impacted or suffered losses.
For the mortgage and finance industry, the case highlights the risks that come with trusted access to lending systems and documentation. Sungkar’s dual experience as a broker and banker, and his position as an intermediary between lenders and clients, underscores the potential vulnerabilities in loan verification and risk assessment frameworks.
Detectives are continuing to investigate whether the syndicate had assistance from other professionals in the finance ecosystem, including mortgage brokers, conveyancers and solicitors.
“The entire transaction chain relies on trust — between bankers, brokers, valuers and clients,” Superintendent Arbinja said. “And every single time, that trust was violated.”
Sixteen people have now been charged as part of Strike Force Myddleton. Police say more arrests are expected as investigations continue into the Penthouse Syndicate’s financial dealings and the extent of its alleged infiltration of Australia’s major banks.
Sungkar has been refused bail and is due to appear in Fairfield Local Court today.
