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$123 Million Crypto Laundering Network Busted in Australia, Four Charged

Key Takeaways

  • Four people in Queensland were charged over a $123 million crypto-linked laundering scheme;
  • Police raided 14 sites, seizing cash, crypto, devices, and records tied to the operation;
  • A security firm allegedly facilitated the movement of criminal funds through fake businesses and crypto trades.

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$123 Million Crypto Laundering Network Busted in Australia, Four Charged

Four people in Queensland, Australia, have been charged in connection with a large-scale money laundering operation that allegedly turned over $123 million in illegal funds into cryptocurrency.

The arrests followed a year-and-a-half-long investigation led by the Australian Federal Police, working with state and tax authorities, according to a June 9 statement by the Australian Taxation Office.

On June 5 and 6, officers searched 14 properties in Brisbane and the Gold Coast. The raids uncovered cryptocurrency worth about $110,000, around $30,000 in cash, various encrypted devices, company records, vehicles, properties, and several bank accounts.

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The operation used a Gold Coast-based security company that offered armored cash transport. Authorities believe the business helped move criminal money, including proceeds from drug sales, through fake companies, luxury car sales, and cryptocurrency platforms.

A senior officer stated that the group deliberately tried to cover up the true source and value of the funds, while also distancing themselves from the transactions to avoid being linked to any criminal activity.

One of the suspects, a 32-year-old man from Brisbane’s Heathwood suburb, is accused of laundering over $6 million in just over a year. Police said he used a business registered under his wife’s name to receive payments from the security company. He has been denied bail and is scheduled to appear in court.

Another man, aged 58 and living in the West End, is linked to a vintage car business suspected of helping to launder about $4.1 million. He faces multiple charges related to money laundering.

Two other suspects from Maudsland, the director and general manager of the security company, have also been charged. They are accused of helping to process more than $6.4 million and have been released on bail while the case continues.

Meanwhile, a 24-year-old man, Badiss Mohamed Amide Bajjou, was arrested in Morocco on June 4. What happened? Read the full story.

Aaron S. Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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