News

Launders millions via cryptocurrency

A WENTWORTH Point man has been charged after police allegedly found $1 million in cash in his car.

Strike Force Curns was set up in October last year by the State Crime Command’s Cybercrime Squad to investigate an alleged criminal syndicate involved in money laundering via cryptocurrency.
After stopping the 30-year-old man on Homebush Road in Strathfield last Monday morning, investigators allegedly discovered two bags containing the cash.
A search of a Wentworth Point home also allegedly uncovered more than one kilogram of methylamphetamine, cocaine, mobile phones, a laptop, electronic storage devices and cash.
The man was charged with 19 counts of knowingly deal with the 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 that he 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 the criminal group was operating as money launderers for hire and more arrests are expected over the next four weeks with investigations under SF Curns continuing.
“The message is clear, the fact you deal in cryptocurrency does not place you beyond the reach of the NSW Police Force,” he said.