Australian police have charged four individuals in connection with an alleged Queensland – based money – laundering network that is accused of funneling $123 million in illicit cash into cryptocurrency. Here are the details:
Investigation and Raids: As part of an 18 – month federal investigation, on June 5 – 6, the Australian Federal Police (AFP) – led Criminal Assets Confiscation Task Force (CACT), along with the Queensland Joint Organised Crime Task Force (QJO CTF) and other agencies, carried out 14 targeted raids across Brisbane and the Gold Coast.
Uncovered Assets: The investigators found crypto assets worth approximately $110,370, $30,000 in physical cash, encrypted devices, business documents, vehicles, properties, and bank accounts.
Alleged Money – Laundering Scheme: Authorities allege that the scheme involved funneling drug money and criminal proceeds through a Gold Coast security company offering armored transport services. The funds were then laundered using shell businesses, classic car sales, and crypto exchanges. The company is accused of converting large amounts of physical cash into crypto to conceal the origin of the funds.
Charged Individuals: A 32 – year – old man from Heathwood in Brisbane, accused of laundering $6.16 million over 15 months, has been remanded in custody. The director and general manager of the company, both from Maudsland, were granted bail after being charged with dealing in proceeds of general crime worth over $6.4 million. A 58 – year – old man from West End, linked to a classic car dealership accused of washing $4.1 million, also faces multiple money – laundering charges.
This case shows the growing trend of using crypto to hide illicit funds, and Australian authorities have warned that it is a favored tool for organized crime.
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