Australian law enforcement has uncovered a large-scale money laundering scheme amounting to approximately $190 million, organized through cryptocurrencies and shell companies. Following an 18-month investigation in Queensland, 14 searches were conducted in the cities of Brisbane and Gold Coast.
This is reported by Business • Media
Complex Scheme to Conceal the Source of Funds
It has been established that the criminal organization used a security and cash transportation company, which held legitimate contracts, to transfer cash obtained illegally into cryptocurrencies. The funds were then “washed” through a network of shell enterprises, including a classic car sales company and an advertising firm. Such actions allowed them to conceal the true source of the money.
“We assert that this organization deliberately concealed and masked the source, volume, and nature of the illegal funds, distancing itself from them to avoid detection by law enforcement,” said AFP Detective Superintendent Adrian Telfer.
As a result of the operation, assets worth over $21 million were confiscated, including 17 properties, vehicles, and bank accounts. Additionally, $170,000 in cryptocurrencies, $30,000 in cash, encrypted devices, and business documents were seized. Among the suspects are four individuals, each of whom has been charged.
Key Figures and Methods of Criminal Activity
- A 32-year-old man from Brisbane, suspected of laundering $9.5 million through a company registered in his wife’s name as a “front director.” He has been taken into custody and charged with money laundering and refusal to provide the password to his phone.
- A 48-year-old director and a 35-year-old general manager of the security firm, accused of processing over $10 million in criminal proceeds. They are currently on bail.
- A 58-year-old man linked to the car dealership, through which, according to the investigation, over $6.4 million passed. He has been charged, including for using forged documents.
The investigation also uncovered a scheme for moving cash between states through so-called “dead points,” where large sums of cash were left for further transportation by couriers via flights to Queensland. There, the funds were collected by employees of the security company.
More than 70 specialists from various government agencies were involved in the investigative actions, including the Australian Federal Police, the Tax Office, the Border Force, AUSTRAC, and the Criminal Intelligence Agency. The investigation is ongoing, and the police do not rule out further arrests.
Recently, AUSTRAC limited operations with cryptocurrency ATMs to 5,000 Australian dollars (approximately $3,229).