By ANNA USHER

A 34-year-old Seaforth man has been charged with more than 100 offences over his alleged role in a multi-million-dollar fraud and money laundering scheme.

He was arrested on Wednesday morning as part of a police operation where 10 warrants were executed across Sydney.

Police seized two Bentleys, a Ferrari 360, more than $30,000 in cash, a firearm, two tasers, body armour, and a small quantity of drugs.

NSW Police’s financial crimes squad and the NSW Crime Commission launched Strike Force Myddleton last January to investigate the syndicate’s alleged targeting of automotive companies to purchase non-existent luxury cars.

“The fraud since this time has extended,” Detective Superintendent Gordon Arbinja, commander of the financial crimes squad, said.

“The syndicate has branched out into other areas – mainly personal, business and home loan scams affecting financial institutions within NSW.”

“For all its complexity, this syndicate operated quite effectively and it was quite simple. It’s basically a Ponzi scheme,” Arbinja alleged.

WATCH: Seaforth man charged with more than 100 offences

The Seaforth man is one of two alleged “ring leaders”. His alleged accomplice is a 38-year-old Barangaroo man.

Arbinja said the syndicate is alleged to have been operating for seven years, using 91 bank accounts to move $178 million.

“We suspect that all these monies are the proceeds of crime,” Arbinja said.

The NSW Crime Commission has now frozen an additional $20 million in assets, bringing the total value of restrained goods in the investigation to $38 million. Six other people previously charged in connection with the syndicate remain before the courts.

The Barangaroo man was remanded in custody until Friday, when he will apply for bail in Downing Centre Local Court.

The Seaforth man did not apply for bail in Manly Local Court and was remanded in custody until his next appearance at Downing Centre Local Court on September 23.

Investigations under Strike Force Myddleton are ongoing. Anyone with information about the syndicate is urged to contact Crime Stoppers on 1800 333 000.