Australian authorities uncovered a $123 million crypto fraud linked to a crime organization that laundered money through front businesses and cryptocurrencies. This investigation involved multiple agencies and traced suspicious transactions that began in December 2023. The criminals executed a sophisticated scheme utilizing a cash-in-transit security company to physically transport illicit funds, mixing dirty money with legitimate proceeds using car dealerships that handle large cash transactions. They obscured the money trail by transferring funds between bank accounts and later converted a portion into cryptocurrencies to complicate detection. In June 2025, the authorities raided multiple locations in Queensland, seizing significant assets, including cryptocurrency and freezing properties and bank accounts valued at around $21 million. Four suspects were charged with serious offenses related to money laundering and document forgery, facing penalties ranging from three years to life in prison. The investigation remains ongoing, with expectations of additional charges as connections within the broader criminal network are explored.

Source 🔗