Senior law firm partner is arrested after being accused of facilitating $25million worth of fraud for one of the biggest alleged money laundering syndicates EVER

By AIDAN WONDRACZ, ASSISTANT NEWS EDITOR, AUSTRALIA Published: 02:31, 22 April 2026 | Updated: 02:56, 22 April 2026 A senior law partner has been charged after being accused of facilitating more than $25million worth of fraud for one of the biggest alleged money laundering syndicates. Elic Tang, 32, was arrested at his western Sydney home on Tuesday morning, with footage showing him wearing a Country Road jumper as he was escorted from a property and into the back of a police van. Tang is listed as the sole director at Sydney law firm Rosemont Partners Ltd, according to Australian Securities and Investments Commission records. He is accused of laundering money for the Penthouse Syndicate and helping purchase more than $25million worth of property for them. On its website, Rosemont Partners describes itself as a 'multidisciplinary boutique law firm'.  Tang was charged with participating in a criminal group, six counts of dishonestly obtaining financial advantage by deception and five counts of knowingly dealing with the proceeds of crime.  The arrest signifies a huge win for detectives probing the Penthouse Syndicate, with Tang the first solicitor to be charged as part of their investigation. The Penthouse Syndicate is alleged to be one of the biggest fraud and money laundering groups in the country's history, accused of infiltrating banking, finance, property and legal sectors. Elic Tang, 32, was arrested at his western Sydney home on Tuesday morning Tang worked at Sydney law firm Rosemont Partners On its website, Rosemont Partners describes itself as a 'multidisciplinary boutique law firm' The alleged ringleader Bing Li was arrested in a penthouse apartment at the Crown Towers Sydney in Barangaroo in July 2025.    Li had rented the $37,000-a-month apartment for about a year before his arrest and was bustled out of the penthouse in handcuffs and a $4,500 Louis Vuitton jacket. The 38-year-old was charged with 87 offences, including knowingly directing the activities of a criminal group and dealing with the proceeds of crime. The Penthouse Syndicate has been accused of defrauding major banks and financiers of more than $250million, of which $150 was allegedly taken from NAB.  Police have been investigating employees at NAB for allegedly facilitating home and business loans. The NAB employees are suspected of accepting bribes from syndicate members to approve bogus loan applications. Court documents revealed a senior banking manager at NAB allegedly advised Li and other alleged syndicate members which documents to provide in order to secure loans, the Sydney Morning Herald reported. The loans, including a $2million mortgage application and a business loan of almost $500,000, was then allegedly approved by the manager.  Sorry we are not currently accepting comments on this article.