A Melbourne accountant has been charged over his alleged role in a criminal money‑laundering syndicate, in a case that is intensifying scrutiny of mortgage brokers and introducer channels across the $2.4 trillion home‑loan market.
The Australian Federal Police arrested Qi Gao, also known as Andy Gao, on 31 March. Gao, a founder and senior manager at PGY Accounting + Business Solutions, was granted bail and is due to appear in the Magistrates’ Court in July, facing a maximum penalty of 27 years’ imprisonment, according to the Australian Financial Review.
AFP said the 42‑year‑old has been charged with knowingly dealing in the proceeds of general crime for money or property worth more than $100,000, and committing an indictable offence for the benefit of a criminal organisation.
“It is alleged the man participated in a money laundering syndicate linked to illicit tobacco, illicit drug importations and onshore scam networks targeting Australian victims,” an AFP spokesman said. “As the matter is before the courts, no further comment will be made.”
Gao’s firm allegedly referred customers to mortgage brokers, who then submitted applications to banks. PGY is described as specialising in wealth‑building for private clients and growth support for small and medium‑sized businesses, with Gao listed as a member of CPA Australia and the Institute of Public Accountants.
His alleged involvement comes amid broader concerns that artificial intelligence‑generated documents, shell companies, and professional intermediaries are being used to obtain finance and wash criminal proceeds through the banking system.
Investigations across multiple banks have drawn in accountants, lawyers, real estate agents, and mortgage brokers, who typically receive commissions for introducing borrowers to lenders.
Commonwealth Bank of Australia previously identified more than $1 billion in questionable mortgages after uncovering irregularities linked to both brokers and other referrers, prompting Austrac to require 10 lenders to share data on potential fraud sources.
Sector‑wide reviews have now uncovered about $3 billion in suspect loans, pointing to a problem that extends well beyond any single lender or introducer.Top of Form
This development comes as NSW Police’s Strike Force Myddleton charges Sydney solicitor Elic Tang over more than $25 million in alleged Penthouse Syndicate property deals, the first legal professional charged under the operation. Those charges follow earlier allegations against a NAB senior business banking manager and a mortgage broker linked to the same group.
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