The director of a Sydney brokerage that was sprayed with bullets earlier this year has been charged with drugs and fraud offences.

As insuranceNEWS.com.au has reported, the Georges Hall office of AK Insurance Group, which is an authorised representative of Steadfast-owned CBN, was attacked in February.

Ali Jundi, who is listed on Australian Securities and Investments Commission documents as the sole director of AK, was arrested last week and appeared before a magistrate at Bankstown Local Court.

He faces charges including possessing prohibited drugs, supplying prohibited drugs, dishonestly obtaining a financial advantage by deception and knowingly dealing with the proceeds of crime.

Mr Jundi was bailed and his next hearing is listed for February 11.

CBN told insuranceNEWS.com.au its priority is supporting AK’s clients.

“CBN has been made aware of criminal charges laid by NSW Police and the NSW Crime Commission against an individual associated with AK Insurance Group Pty Ltd, an authorised representative within our network,” a spokesperson said.

“As these matters are now before the courts, CBN will not be commenting on the allegations or the legal proceedings.

“Our priority is ensuring that all clients of the affected authorised representative continue to receive uninterrupted support and service. 

“CBN has activated its standard response protocols, including the reassignment and management of client portfolios, to provide certainty and continuity during this period.

“CBN remains committed to meeting all regulatory obligations, upholding professional standards, and protecting the interests of our clients and partners.”

NSW Police said six people were arrested on Tuesday last week as officers targeted an organised criminal network.

Detectives executed 10 warrants at locations including Georges Hall, Merrylands, Barangaroo, East Hills, Sydney’s CBD, Bankstown, Wetherill Park and North Sydney.

From the latest Insurance News magazine: We examine some of the biggest issues of 2025, and the people shaping the industry's response