Two months before he was stripped of his bank accounts, flash cars and lavish lifestyle, Adam Cranston splurged $200,000 on two racing cars from Italy.

Now the Wolf GB08 Tornado prototypes are in the hands of the Australian Federal Police, who have frozen lucrative assets linked to the son of the recently-resigned Australian Taxation Office deputy commissioner.

The complex court proceedings involving the alleged ATO tax fraud continued on Thursday with further information emerging about the extent of Adam Cranston's worth, much of which has been seized under proceeds of crime laws.

Adam Cranston, 30, and his sister Lauren Cranston, 24, are among nine people charged with running the scheme that allegedly skimmed PAYG payments worth $144 million (revised from $130 million on Wednesday).