NSW Riot Squad makes crypto laundering arrests

crypto laundering
The Wiley Park couple, accused of crypto laundering, are photographed as they're marched out of their home in handcuffs (Pic. NSW Police).

A couple accused of crypto laundering and identity fraud have woken to New South Wales Riot Squad police storming their home.

The 32-year-old man and 29-year-old woman were arrested during the raid on the Wiley Park property in south-west Sydney this morning.

The man has been charged with 35 fraud-related offences, six identification fraud-related offences, and knowingly deal with proceeds of crime.

The woman is facing 12 fraud-related offences.

Police seized computers, laptops, electronic storage devices, mobile phones, and documentation.

Six-month Investigation

In March 2018, detectives from the New South Wales Cybercrime Squad established Strike Force Breabank to investigate purchases being made online using stolen and fraudulently obtained credit card information.

crypto laundering
The 32 year old man, who’s accused on crypto laundering, is hand-cuffed as he’s taken into custody. (Pic. NSW Police)

Police soon discovered 45 companies had been opened, as well as numerous bank accounts that were receiving cash deposits, which investigators will allege were proceeds of crime.

Police believe more than $300,000 was transferred to digital currency and distributed into cryptocurrency accounts offshore.

Cryptocurrencies a ‘challenge’ for law enforcement

Cybercrime Squad Commander, Detective Superintendent Arthur Katsogiannis, said cryptocurrencies pose a challenge for law enforcement both in Australia and abroad.

“The semi-anonymous and decentralised nature of many cryptocurrencies make it desirable for criminal activity, particularly for those groups who are operating offshore,” said Det Sup Katsoginannis.

“While there are various levels of regulation across the globe, cryptocurrency exchanges in Australia come under the scrutiny of AUSTRAC, which strengthens our capability to monitor and investigate illicit transactions.

“The sharing of financial intelligence and information of all currencies can only help to minimise the risk of criminal groups conducting ‘business’ without detection.”

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