- Authorities have uncovered a money-laundering scheme that converted over A$190 million into cryptocurrency
- Four people have been arrested for allegedly using front businesses and digital assets to disguise illicit cash
- Law enforcement has seized A$21 million in assets, including crypto wallets, homes, and bank accounts
A sprawling crypto-driven laundering scheme has been dismantled by Australian authorities, exposing how criminal groups are increasingly relying on digital assets to clean vast sums of dirty money. Four suspects have been charged in connection with the operation, which allegedly funneled over A$190 million in physical cash into cryptocurrency . The 18-month investigation has resulted in a sweeping seizure of homes, vehicles, and crypto holdings valued at more than A$21 million.
Crypto Conversion at the Core
According to the Australian Federal Police (AFP), the money-laundering network was built around a Brisbane-based cash-handling company that collected illicit funds and transformed them into crypto assets. A 32-year-old man is accused of laundering A$9.5 million through his promotional company, a front that disguised the transactions as legitimate business.
We allege this organisation intentionally concealed and disguised the source, value and nature of their illicit money, said AFP Detective Superintendent Adrian Telfer. The laundering was facilitated through a complex structure of business fronts, shell accounts, and unregulated cryptocurrency exchanges.
Multi-Front Operation
The scheme involved more than just a few wallets. Authorities say cash was stashed in dead-drop locations across the country and handed off to couriers who fed it into businesses and crypto platforms. A 48-year-old director of the security firm and his 35-year-old general manager are alleged to have each laundered over A$10 million, while a fourth man ran A$6.4 million through bank accounts tied to a luxury car business. During the raids, police seized A$30,000 in cash and A$170,000 stored in digital wallets , alongside phones, documents, and encrypted devices.
Law enforcement warns that the case is a stark reminder of how crypto is increasingly exploited by organised crime. Criminal networks use money laundering to legitimise their profits and exploit legitimate businesses, harming communities and economies, said Queensland Police Detective Acting Superintendent David Briese.
While the technology behind crypto offers legitimate uses, authorities say this case highlights how anonymity and weak oversight remain powerful tools for financial crime. Investigators say more arrests may follow.
