Sydney identity Fadi Ibrahim changes plea ahead of trial

sydney identity Fadi Ibrahim has admitted to having a financial stake in a major international drug ring, five years after his sensational arrest in Dubai.

The 48-year-old was due to stand trial on Monday before a shock change in his plea today.

Fadi Ibrahim is the brother of Kings Cross identity John Ibrahim, who has not been accused of any offenses or connection to the conspiracy.

Fadi Ibrahim changes plead ahead of trial in Sydney.
Fadi Ibrahim (left) changed his plea before he was due to stand trial. (9News)

Fadi Ibrahim admitted to one charge of possessing proceeds of crime to the value of more than $100,000.

It was back in 2017 when Ibrahim left Australia for the United Arab Emirates on a business class ticket.

The trip was cut short, when he, his brother Michael and two others were arrested as part of an international investigation called Operation Veyda.

Dubbed the “Dubai Four”, they spent six weeks in prison before being extradited back to Sydney.

Fadi was accused of allegedly redrawing $800,000 from his home loan with the money being ultimately passed onto others funding a haul of cigarettes.

It’s alleged he doubled his money in a profitable cut from the deal.

Fadi Ibrahim changes plead ahead of trial in Sydney.
Fadi Ibrahim (left) remains on bail. (9News)

The Dover Heights man will challenge some of the police allegations when he faces a sentencing hearing next year.

He remains on bail after fronting up more than $2 million to secure his freedom five years ago. He faces up to three years in jail.

Brother Michael Ibrahim is serving a 30-year sentence for the tobacco bust, as well as a plot to smuggle MDMA.

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