A National Australia Bank employee has been arrested and charged with helping what is alleged to be one of the biggest fraud and money-laundering syndicates in the country’s history defraud the finance giant of more than $150 million.

Financial crimes squad detectives working under Strike Force Myddleton on Thursday morning arrested Timotius Donny Sungkar, whom they allege is one of several corrupt NAB employees on the payroll of the so-called Penthouse Syndicate.

Sungkar, 36, was taken into custody at his mother’s Bonnyrigg home just after 6am in a significant milestone in the investigation into the syndicate’s alleged infiltration of Australia’s third-largest bank.

A months-long Herald investigation into the Penthouse Syndicate has uncovered allegations the group defrauded NAB of

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