Cybercrime Squad detectives have seized $1 million cash and charged a man as part of an ongoing investigation into a criminal syndicate allegedly involved in the laundering of money via Cryptocurrency.
In October last year, detectives from the State Crime Command’s Cybercrime Squad established Strike Force Curns to investigate a criminal syndicate involved in cyber-enable money laundering.
Following extensive inquiries, Strike Force Curns investigators arrested a 30-year-old man following a vehicle stop at Homebush Road, Strathfield, about 5.30am today (Monday 22 February 2021).
The man was taken to Auburn Police Station.
During a search of the vehicle, detectives seized two bags containing $1 million cash.
Later that morning, a subsequent search warrant was executed at a home in Wentworth Point, where investigators seized over one kilogram of methylamphetamine, cocaine, mobile phones, a laptop, electronic storage devices and cash.
All items will undergo further examination.
The man was charged with 24 offences including; 19 counts of knowingly deal with proceeds of crime intent to conceal, knowingly deal with proceeds of crime, knowingly direct activities of criminal group, supply prohibited drug, take part supply prohibited drug (large commercial quantity) and take part supply prohibited drug (commercial quantity).
Police will allege in court the man directed a criminal syndicate to launder money by converting cash into bitcoin on his behalf, totalling $5,479,300.
Cybercrime Squad Commander Detective Superintendent Matt Craft said this was an organised criminal group who were operating as money launderers for hire.
“This is the first phase of arrests and it is anticipated further arrests will be made over the next four weeks as the evidence gathered is collated and assessed,” Det Supt Craft said.
“The message is clear, the fact you deal in cryptocurrency does not place you beyond the reach of the NSW Police Force.”
The man was refused bail and appeared before Burwood Local Court today (Monday 22 February 2021) where he was formally bail refused to appear at Central Local Court on Monday 19 April 2021.
Investigations under Strike Force Curns are continuing.
Anyone with information that may assist strike force detectives is urged to contact Crime Stoppers: 1800 333 000 or https://nsw.crimestoppers.com.au. Information is treated in strict confidence. The public is reminded not to report information via NSW Police social media pages.