A Sydney man who says he is "in a process not to work for $Money$ but to make $Money$ work for me" has been charged with stealing more than $100,000 through taking over 70 people's mobile phones and changing their banking log-ins.

Shalin Patel, 22, is accused of being part of an identity theft syndicate that police will allege ported mobile phones from one carrier to another, then contacted their bank to change their log-in and password information.

Shalin Patel was arrested at his Doonside home on Tuesday. Credit:Facebook

Then, investigators say, he registered the phone for Apple Pay which he used to fraudulently purchase goods and transfer money to offshore accounts.

Mr Patel is also accused of laundering $48,000.