An international student is accused of fraudulently claiming more than $5 million in Goods and Services Tax (GST) refunds on luxury and counterfeit watches. Mingyi Chi, a 28-year-old Chinese national, was arrested in May as part of an investigation into an alleged transnational criminal syndicate that was misusing Australia's Tourist Refund Scheme (TRS).
In Australia, international travelers can claim a GST refund for eligible goods purchased for over $300, provided the items are not brought back into the country. Australian Federal Police allege that Chi, who is living in Sydney while pursuing his studies, submitted over $5 million in dishonest claims for luxury and counterfeit watches at Sydney Airport.
Authorities state that Chi is among several individuals suspected of engaging in rapid international travel, structured cash deposits, and the circulation of high-value goods. They allege that over $1.1 million in cash was deposited into ATMs across Sydney's central business district. Between November 2025 and February 2026, Chi allegedly traveled more than 20 times to Chengdu Tianfu Airport in China, often staying for less than 24 hours.
Police further allege that Chi edited bank documents and made repeated claims for items that were not eligible for the TRS. During a search of his Haymarket apartment on May 20, officers reportedly seized $270,000 in cash and several luxury watches.
The seized items included a Richard Mille watch valued at approximately $170,000, three Patek Philippe watches, one Van Cleef watch, and two counterfeit luxury watches. Mobile phones, a cash-counting machine, and numerous receipts and invoices were also allegedly found.
Chi was subsequently charged with one count of dishonestly intending to obtain a gain and was remanded into custody. He appeared in court and was denied bail. If convicted, Chi faces a maximum penalty of 10 years in prison.
