International student is accused of swindling Aussie taxpayers out of $5million in huge luxury watch scam

Published: 05:21, 22 July 2026 | Updated: 05:21, 22 July 2026 An international student has been accused of fraudulently claiming more than $5million worth of GST refunds on luxury watches. Chinese national Mingyi Chi, 28, was arrested in May as cops investigated an alleged transnational criminal syndicate misusing Australia's Tourist Refund Scheme (TRS).  In Australia, international travellers can claim a GST refund for purchased goods worth more than $300, provided the goods are not brought back into Australia.  Australian Federal Police allege Chi, who is living in Sydney while he completes his studies, lodged more than $5million in dishonest claims on luxury and counterfeit watches at Sydney Airport. Police say he is one of a number of individuals thought to have engaged in rapid international travel, structured cash deposits and the circulation of high-value goods, allegedly depositing over $1.1million in cash into ATMs across Sydney's CBD. He allegedly travelled more than 20 times to Chengdu Tianfu Airport, China, between November 2025 and February 2026, often remaining overseas for less than 24 hours. Police will allege Chi edited bank documents and made repeated claims for items not eligible for the TRS.  During a police raid on his Haymarket apartment on May 20, officers allegedly seized $270,000 in cash along with several luxury watches. Chinese national Mingyi Chi, 28, was arrested in May as cops investigated an alleged transnational criminal syndicate misusing Australia's Tourist Refund Scheme (TRS)  Police found luxury watches, a counting machine and $270,000 cash in his Sydney apartment Among them was a Richard Mille watch worth about $170,000, three Patek Phillipe watches, one Van Cleef watch and two counterfeit luxury watches. Police also allegedly found mobile phones, a cash counting machine and multiple receipts and invoices. Chi was later charged with one count of dishonestly intending to obtain a gain and remanded into custody at Silverwater's Metropolitan Reception and Remand Centre. He fronted court on Wednesday and was refused bail. If convicted, he faces a maximum penalty of 10 years behind bars. Sorry we are not currently accepting comments on this article.