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Organised Crime Squad detectives have charged two people following an investigation into the alleged importation and laundering of damaged and mutilated Australian coins in Sydney.
In June 2023, detectives from the State Crime Command's Organised Crime Squad – assisted by the Australian Border Force (ABF), and the Australian Transaction Reports and Analysis Centre (AUSTRAC) – established Strike Force Gidding to investigate a syndicate allegedly importing packages of damaged or mutilated Australian $1 and $2 coins, consistent with being fraudulently obtained.
Investigators were also assisted by the Royal Australian Mint.
Acting upon intelligence from AUSTRAC-led Fintel Alliance, ABF officers identified a number of consignments arriving in Sydney, described as being packages of belt buckles.
During a subsequent analysis of the consignments, officers detected parcels containing damaged Australian coins.
Following further investigations, an additional consignment was identified at Port Botany on Tuesday (15 August 2023) and examined, with ABF officers detecting two further packages of damaged coins. The consignment was seized by NSW Police.
Strike force detectives conducted further inquiries and as a result executed three search warrants at businesses in Haymarket and Sydney's CBD, and a home at Strathfield, from about 8am yesterday (Wednesday 16 August 2023). Detectives were assisted by officers from Strike Force Odin and the Public Order and Riot Squad.
During the warrants, police seized a number of items including several boxes of damaged coins and other documentation relevant to the investigation. All items will be sent for forensic examination.
A 36-year-old man was arrested at Strathfield Square and taken to Burwood Police Station, while a 37-year-old woman was arrested at the Haymarket address and was taken to Day Street Police Station.
Both were charged with recklessly deal proceeds general crime intend to conceal, while the woman was also charged with one count of recklessly deal with proceeds of crime more than $5000.
Both were refused bail to appear at Burwood and Downing Centre Local Courts respectively today (Thursday 17 August 2023).
Police will allege in court the pair were part of a joint criminal syndicate, who would fraudulently obtain the damaged coins and import them into Australia.
It will be further alleged the syndicate then laundered the coins through smart ATMs throughout Sydney and deposited sums of money into several bank accounts before the proceeds were sent offshore.
It's estimated the syndicate has fraudulently obtained more than $1 million through the scheme since August 2022.
Organised Crime Squad Commander, Detective Superintendent Peter Faux, said the NSW Police Force's State Crime Command will continue to target these complex syndicates who are chasing profits across the globe.
"This syndicate attempted to avoid detection by going to various different ATMs in Sydney and depositing varying amounts of cash on a daily basis.
"The alleged actions of this group demonstrate the elaborate ways offshore syndicates are attempting to infiltrate our country and extort our financial system.
"As we have said time and time again, these groups all chase one thing – money. They want the power and control which comes with it, and do not care who they defraud to get there.
"We do not believe the coins are counterfeit, however, believe they are not legal tender. We will continue to work with our partners, including the Royal Australian Mint, to determine the extent of this syndicate's reach," Det Supt Faux said.
When coins are damaged, they are taken out of circulation and are viewed as no longer legal tender in Australia. The Royal Australian Mint's policy in relation to worn and damaged coins can be requested at: https://www.ramint.gov.au/worn-and-mutilated-coins.
Investigations under Strike Force Gidding are ongoing.
Anyone with information about money laundering and fraud offences that may assist investigators 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.
