AN UNDERGROUND credit card factory has been shut down in Sydney.
Two thousand blank credit cards and a machine capable of printing thousands more were seized by detectives in Ryde in the early hours of Thursday morning.
A 51-year-old man was arrested and charged with multiple fraud offences including dealing with the proceeds of crime worth more than $1million.
Police will allege the man headed a manufacturing and money laundering syndicate, specialising in identity theft and the production of fake credit cards and identification.
Along with the printing machine and cards, which had a potential value of $2500 each, police discovered 500 NSW drivers licences, $25,000 in cash, high-end accessories including designer watches and top shelf alcohol.
The man appeared in the Central Local Court on Thursday and was refused bail.