A terrorism suspect recently caught up in sweeping pre dawn raids has been accused of running a sophisticated fraud scheme that netted more than a million dollars.

Ahmad Azaddin Rahmany, 25, was one of more than a dozen young men recently targeted in counter terrorism raids in Sydney.

The part-time mechanic was one of only two to be charged following the raids and he later pleaded guilty to illegally owning a stun gun and some ammunition, which he claimed was left over from a hunting trip.

Rahmany was critical of his inclusion in the terrorism raids, claiming he was targeted because of his Islamic faith and the people he had met through his mechanic business. He was given a two-year good behaviour bond.

Terrorism investigators continued to tap Rahmany's phones following the raid and allegedly picked up on a "complex and sophisticated" fraud scheme.

Rahmany was back before a court a short time later, accused of being the "principal architect" and charged with 31 fraud offences and one count of possessing a knife following another raid on his family's Merrylands home.

With nine other men, Rahmany allegedly faked pay slips, tax returns, ATO assessments, bank statements, PAYG records and company statements to obtain loans for made-up individuals and deregistered companies. The group also allegedly approached companies with fake company documents to elicit money.

Rahmany has been denied bail and is due to appear in Central Local Court later this week.

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