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Multi-millionaire Sydney car dealer Sid Khoury was arrested this morning over an alleged $15 million car fraud.
The allegations are centred on his luxury car dealership at Croydon, The European Car Specialist, which closed in April this year -- along with Stan Kass Motors, his Mercedes-Benz workshop in Ashfield.
Since then, an ongoing investigation has been conducted into reports of consigned cars vanishing from the dealership without the owners being paid. Burwood police arrested Mr Khoury and three associates -- a Drummoyne man aged 47, a Greenacre man aged 32 and a Pendle Hill man aged 35 -- this afternoon.
The three are being interviewed by detectives from Strike Force McCar and are expected to be charged this evening.
A total 180 vehicles are said to be missing, including expensive and exotic sportscars. However investagors have seized a $650,000 Ferrari Scaglietti from a Greenacre address as part of the operation.
Police have indicated more arrests are likely to follow.
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