Two men face more than 300 fraud charges, accused of stealing identity information to buy cars and phones later linked to violent crimes and organised criminal networks.
Police also say the false identities created were used to make fraudulent COVID-19 claims to the value of $150,000.
The men, aged 29 and 30, were arrested in separate early morning raids on Tuesday in north Sydney's Macquarie Park and Tregear in the city's west.
During the searches, police found credit cards, ID cards, hologram stickers, electronics and more than $10,000 in cash.
The two men face multiple charges including obtaining a financial advantage by deception, knowingly directing the activities of a criminal group, dealing with the proceeds of crime and using false documents to obtain property.
The 29-year-old has been charged with 201 largely fraud-related offences and the 30-year-old is facing 124 such charges.
Both men have been refused bail to appear separately in Burwood Local Court and Mt Druitt Local Court on Wednesday.
Australian Associated Press