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ASIC Targets Four Men in Victoria in Alleged Scam-Linked Crypto Fund Transfers

Key Takeaways

  • ​Four Victorian men face charges for moving scam funds into crypto and offshore accounts, though they did not run the scheme;
  • Victims were tricked through fake websites and ads promising fixed returns of up to 9.5% over ten years;
  • ASIC says the group helped shift stolen money between January and July 2021, and the court date is set for October 30, 2025.

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ASIC Targets Four Men in Victoria in Alleged Scam-Linked Crypto Fund Transfers

Four men in Victoria, including a former lawyer, have been charged with helping move money from an investment scam into cryptocurrency and overseas bank accounts.

Australia’s corporate regulator, the Australian Securities and Investments Commission (ASIC), announced the charges in a statement on August 7.

Dimitrios "James" Podaridis, Peter Delis, Bassilios "Bill" Floropoulos, and Harry Tsalikidis are accused of handling money linked to a fake investment scheme that ran between January and July 2021.

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While the four are not accused of creating or running the scam, ASIC said they were involved in processing the money collected from victims. Some of this money was moved from Australian bank accounts to international ones. In other cases, it was converted into cryptocurrency.

Podaridis and Floropoulos have each been charged with 28 counts of dealing with money believed to be from a serious crime. Delis faces eight charges, while Tsalikidis has been charged with 12 offenses, which include helping the others.

The scam itself used fake financial comparison sites and ads on Facebook to attract people looking for investment opportunities. Once a person showed interest, they were contacted by phone or email.

They were then sent documents that looked like they came from trusted financial companies. These materials offered fixed returns of 4.5% to 9.5%, depending on the investment period, which ranged from one to ten years.

The next court date is set for October 30, 2025, when a judge will consider whether the case should go to trial.

ASIC recently issued a warning to Bitget for offering crypto futures products without proper authorization. What did the agency say? 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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