Cybercrime Squad detectives have charged a man following an investigation into a large-scale investment scam under Strike Force Resaca.
Strike Force Resaca was established by State Crime Command's Cybercrime Squad in February 2026 to investigate the involvement of two men in an investment scam which has defrauded over 190 elderly and vulnerable Australians to the value of $5 million since November 2025.
Victims were typically engaged through social media and encouraged to invest in cryptocurrency, before being followed up with an individual purporting to be an investment advisor who directed them to deposit funds into a Digital Currency Exchange web portal known as 'NEXOpayment'.
Victims were led to believe they were purchasing cryptocurrency, shares, or other legitimate investment products.
Instead, funds deposited into the NEXOpayment platform were allegedly redirected through multiple cryptocurrency wallets and digital currency exchanges in a pattern characteristic of money-laundering activity.
Following extensive inquiries, from 7.30am yesterday (Friday 20 February 2026), strike force detectives executed two search warrants at homes in Strathfield and Cammeray, as well as at a business in Burwood.
During the warrants police located electronics and documentation relevant to their investigation.
At the Strathfield address, police arrested a 42-year-old man. He was taken to Auburn Police Station where he was charged with recklessly deal with proceeds of crime >$5000 relating to the laundering of the funds through NEXOpayment during that period.
The man was granted conditional bail to appear in Burwood Local Court on Tuesday 17 March 2026.
In Cammeray, police arrested a 36-year-old man. He was taken to Chatswood Police Station, before being released pending further inquiries.
Commander of the Cybercrime Squad, Detective Acting Superintendent Jason Smith, said investment scams cost Australians hundreds of millions of dollars every year.
"Investment scams continue to be the highest loss category of cybercrime across Australia, costing the community hundreds of millions of dollars every year. These criminals are highly organised, sophisticated, and relentless in their targeting," Det A/Supt Smith said.
"We are seeing offenders routinely contact victims through social media, text messages and unsolicited phone calls, offering guaranteed or unrealistic returns. They create urgency, pressure people to transfer funds quickly, and play on a fear of missing out. That pressure alone should be a major red flag that something is wrong.
"I urge anyone planning to invest, to slow down and take the time to verify who you are dealing with. Make sure, firstly, that the company is legitimate and registered in Australia. There is no rush, speak with a trusted friend, relative, or professional before you consider transferring any money.
"Anyone who believes they've been a victim of cybercrime should report it through ReportCyber at cyber.gov.au or contact their local police. The sooner incidents are reported, the better our chances of preventing further harm."
Anyone with information that may assist investigations into investment scams urged to contact Crime Stoppers: 1800 333 000 or https://nsw.crimestoppers.com.au. Information is managed on a confidential basis. The public is reminded not to report information via NSW Police social media pages.
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