NSW Police have also charged a woman with covering up the man's alleged large-scale tax-related fraud offences.
Last month officers attached to State Crime Command's Raptor Squad – with help from the Tax Practitioners Board – began investigating reports of fraudulent misconduct by an accounting firm.
Strike force detectives raided a home in Silverdale, southwest of Sydney, on Tuesday and arrested a 36-year-old man.
A short time later detectives arrested a 25-year-old woman at a business in Penrith.
During a search of both properties, officers seized electronic devices, hard drives and documents as well as a small amount of a substance believed to be cocaine.
The pair were taken to St Marys Police Station, where the man was charged with 16 offences including dishonestly obtaining financial advantage by deception, knowingly dealing with the proceeds of crime and possessing a prohibited drug.
The man was refused bail to appear in Penrith Local Court on Wednesday.
The woman was charged with recklessly dealing with the proceeds of crime and granted conditional bail to appear in Penrith Local Court on July 27.
Police will allege in court the man defrauded at least eight accounting clients to the value of $26 million in a bid to fund his lavish lifestyle and gambling habit, while the woman is accused of trying to conceal the misconduct.
Police will further allege the man had links to organised criminal networks.
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