Australian police have charged four people after a long and detailed probe into a $190 million crypto money laundering operation. The arrests came after 18 months of tracking cash drops, hidden accounts, and covert cryptocurrency dealings across several states.
The suspects ran the operation through a Gold Coast security firm. This company was supposedly set up to act as a conduit for client funds but in reality became an arm to launder dirty money. Police allege that the group had blended pure funds with illegitimate profits.
They then obscured the money path through sales companies, car dealerships, and cryptocurrency exchanges. The task force targeted 14 properties during raids on June 5 and 6, hitting homes and offices across Brisbane and the Gold Coast. Officers seized wallets containing cryptocurrency, cash, mobile phones, and documents.
Crypto laundering ring uncovered nationwide
They also froze $21 million in assets, including properties, vehicles, and bank accounts. A resident of Heathwood, Brisbane, allegedly received $9.5 million through a fake company. Police claim he attempted to disguise his involvement by appointing his wife as the firm’s figurehead. He is still in custody.
A Maudsland couple who operated the security business are still under investigation. According to officials, they transferred millions of criminal proceeds through fabricated transactions. July court proceedings are expected for them. A man from West End was in charge of a vintage car dealership.
The police accuse him of laundering $6.4 million through business accounts. Prosecutors have charged him with several offenses, and the court has scheduled his appearance for August. Reports state that the organization ran a national courier system. Deliverers hid money in concealed locations.
Crime Syndicate exploits flight system
Couriers then flew the cash on domestic flights to Queensland. The security company picked up and processed the money through its network. It teamed up with law enforcement to crack the operation.
They used financial data, flight records, and surveillance. Investigators say the criminals used layers of deception to hide their tracks. Officials say this kind of crime threatens the economy and public safety.
They think that more arrests would be made. The case reflects the high level at which organized crime groups exploit legitimate structures for illicit gain. Investigation continues.
