QLD Man Forfeits $4.5M Assets in Crime Probe

The AFP-led Criminal Assets Confiscation Taskforce (CACT) has secured the forfeiture of more than $4.5 million worth of assets, including a Queensland waterfront mansion, luxury car and Bitcoin, after identifying them as suspected proceeds of crime.

The District Court of Queensland last month (April, 2025) ordered the assets be forfeited to the Commonwealth under the Proceeds of Crime Act (Cth), following the resolution of Operation Gouldian, an investigation into stolen cryptocurrency and cyber hacking.

A CACT investigation began in September, 2018, after AUSTRAC was contacted by law enforcement partners in Luxembourg regarding suspicious Bitcoin transactions, linked to a Queensland man previously convicted of hacking a gaming company in the United States.

The investigation identified suspected links between the man and the theft of 950 Bitcoin from a French cryptocurrency exchange in 2013.

No criminal charges eventuated; however, the Commonwealth's proceeds of crime laws allow the CACT to restrain suspected proceeds of crime, regardless of whether there is a related criminal prosecution.

In July, 2023, prior to the execution of AFP search warrants at the waterfront home in Beachmere, Queensland, the CACT obtained restraining orders over the home, a 2019 black Mercedes Benz sedan and 24.99454224 Bitcoin, on the basis it was reasonable to suspect they were the proceeds of crime, noting they were not commensurate with identifiable legitimate earnings.

In April, 2025, the CACT successfully applied to the court to have the assets forfeited.

The current estimated value of the assets is more than $4.5 million and revenue from their future sale will be deposited to a special purpose fund that supports crime prevention and law enforcement-related measures.

AFP Commander Jason Kennedy said the AFP and its partners remained committed to a key strategy of targeting and confiscating the alleged proceeds of crime to disrupt criminals, including those involved in cybercrime.

"The Proceeds of Crime Act provides law enforcement agencies with unique powers to restrain and forfeit instruments and proceeds of crime," Commander Kennedy said.

"Criminals are driven by greed at the expense of honest Australians and businesses who are losing their hard-earned money to cyber criminals.

"The profits derived from criminal activities are also often used to fund further criminal acts, which is why the AFP works closely with our partners in the CACT to target the proceeds of crime and ensure they are re-invested in the community."

Since July 2019, the CACT has restrained more than $1.2 billion in criminal assets, including houses, cars, yachts, cryptocurrency, fine art and luxury goods. 

The CACT - which brings together the resources and expertise of the AFP, Australian Border Force, Australian Taxation Office, Australian Criminal Intelligence Commission (ACIC) and AUSTRAC - was permanently established in 2012 as a proactive and innovative approach to trace, restrain and ultimately confiscate criminal assets.

The highly skilled members of CACT are located Australia-wide and comprise police, financial investigators, forensic accountants, litigation lawyers and partner agency specialists.

The Commonwealth's proceeds of crime laws provide extensive tools for the restraint and forfeiture of proceeds and instruments of crime, as well as financial penalty and unexplained wealth orders, based on a civil standard of proof.  While the CACT litigates matters in the courts, restrained assets are managed on behalf of the Commonwealth by the Australian Financial Security Authority (AFSA). 

At the conclusion of successful legal proceedings, confiscated assets are then liquidated by AFSA, with the proceeds placed in the Commonwealth Confiscated Assets Account (CAA). These funds can then be distributed by the Attorney-General to benefit the community through crime prevention, intervention or diversion programs relating to the illegal use of drugs or other law enforcement initiatives across Australia.