Australia's top business-crime cases: Insights into white-collar crime trends

During the past two years, Australia has witnessed significant business-crime cases, including large-scale loan fraud syndicates, multi-million-dollar Ponzi schemes and insider fraud at major financial institutions.

These cases highlight the evolving nature of white-collar crime and the challenges for law enforcement and financial institutions in detecting and prosecuting sophisticated schemes.

$200 million NAB fraud syndicate – Charges laid / ongoing

In late 2025, Timotius "Donny" Sungkar, a former senior business banking manager at NAB, was charged with 19 offences for allegedly acting as a "gatekeeper" in a syndicate that used stolen identities to obtain over $200 million in fraudulent loans across various lending sectors.

At least 15 co-accused remain before the courts, with more than $60 million in assets restrained. Police estimate the total fraud may reach $250 million.

$105 million fake loan scheme – Charges laid

In late 2025, Andrew Hu, a former CBA and NAB banker was charged with 89 fraud-related offences for allegedly participating in a $105 million fake loan syndicate dubbed the "Penthouse Syndicate".

The group reportedly used stolen personal data to apply for high-value fraudulent loans across multiple banks, spanning personal, business and home lending products.

Tony Iervasi – $180 million Ponzi scheme – Convicted and sentenced

In September 2024, Tony Iervasi, who operated Courtenay Trading, was sentenced to 11 years' imprisonment (with a seven-year non-parole period) after pleading guilty to criminal charges related to one of Australia's largest Ponzi schemes.

Between 2010 and 2017, Iervasi defrauded 585 investors who deposited approximately $180 million, believing their funds would be used for foreign exchange and futures trading. In reality, less than 3% of deposited funds were traded, with purported 'returns' paid using incoming investor funds. The total net loss to investors was approximately $54 million, while Iervasi dishonestly obtained around $12 million for personal benefit. Justice Sweeney described the scheme's scale as "egregious" at sentencing, agreeing with the Crown's severity assessment.

NAB $21 million internal fraud attempt – Convicted and sentenced

In January 2025, Monika Singh, Davender Deo, and Srinivas Naidu Chamakuri were sentenced for attempting to defraud $21 million from NAB using forged internal documents and bogus guarantees. Ms Singh, who worked at NAB’s Sydney branch, was sentenced to three years for nine fraud-related offences spanning 2018 to 2020. Her co-conspirators, former mortgage broker Davendar Deo, and IT consultant Srinivas Naidu Chamakuri, were sentenced to two-and-a-half years and three years respectively.

Although no funds were transferred due to the bank’s detection systems, the court found the scheme highly sophisticated.

Prospero Trading Platform: $20 million-plus collapse – Charges laid

The April 2024 collapse of the online trading platform Prospero Markets prompted investigations into alleged misappropriation and money laundering.

Seven former employees linked to the collapsed firm have been charged over alleged links to a $228 million money laundering operation.

In July 2025, the liquidators of Prospero Markets paid about $18.1 million to clients out of $19.2 million in confirmed client money held at the time of its collapse.

Alleged $190 million money laundering scheme – One indictment permanently stayed / Other indictments ongoing

Mr Michael Featherstone, a former Queensland Police detective, has been accused by the Australian Federal Police (AFP) of orchestrating a $190 million money laundering operation. Between October 2022 and May 2024, it is alleged that criminal proceeds were laundered through a network of businesses, including a security company, car dealerships, and an ATM company. The alleged methods of laundering included cash drops, air cargo shipments and cryptocurrency transactions.

In June 2024, several individuals, including business operators, were charged in connection with the scheme. Recent developments in R v Featherstone & Ors [2025] QDC 147 have provided further insight into the case, including applications by the defendants to stay the proceedings. The defendants argued that repeated failures to provide sufficient particulars of the charges, combined with delays in the prosecution, presented significant barriers to a fair trial.

The court ultimately ordered a permanent stay of one of the indictments against Mr Featherstone and others, meaning the prosecution on that specific indictment will not proceed. However, the applications for a permanent stay brought by certain other defendants were refused, and the matter remains ongoing for those charges and co-accused.