The 18-month investigation, led by the Australian Federal Police (AFP) in coordination with Queensland’s Joint Organized Crime Task Force, resulted in 14 property raids across Brisbane and the Gold Coast. Four individuals have been formally charged so far, with authorities hinting at additional arrests.

According to AFP, the criminal network used a security and valuables transportation company—one with legitimate government contracts—as a cover to discreetly move large volumes of illicit cash into cryptocurrencies. These funds were then cycled through a series of shell companies, including a vintage car dealership and an advertising services firm, to obscure their origin.

"We allege this group intentionally disguised the source, volume, and nature of illegal funds to distance themselves from the crime and avoid detection," said AFP Detective Superintendent Adrian Telfer.

Key Individuals Charged

  • A 32-year-old man from Brisbane, accused of laundering $9.5M via a company registered under his wife’s name, who served as a "straw director." He was arrested and charged with money laundering and refusal to unlock his phone.
  • A 48-year-old company director and a 35-year-old general manager of the security firm, alleged to have processed over $10M in illicit funds. Both have been released on bail.
  • A 58-year-old man with ties to a car dealership, suspected of channeling $6.4M through corporate accounts. He faces multiple charges, including the use of forged documents.

Assets and Evidence Seized

Authorities confiscated a wide array of assets believed to be proceeds of crime, including:

  • $170,000 in cryptocurrencies
  • $30,000 in physical cash
  • Encrypted electronic devices
  • Business documents
  • Seventeen properties and various bank accounts
  • Vehicles and other items totaling approximately $21M

Cash Movement Scheme Across States

Investigators also discovered a complex interstate cash transfer mechanism involving so-called “dead drop” locations. Cash was left at secretive drop points and then transported by air to Queensland, where it was picked up by employees of the implicated security firm. This approach was designed to avoid conventional banking scrutiny and law enforcement oversight.

"This was a calculated and complex laundering mechanism that demonstrates how far criminal organizations will go to hide illicit profits," Telfer emphasized.

Interagency Collaboration and Ongoing Investigation

The investigation mobilized over 70 specialists from multiple government bodies, including the AFP, Australian Taxation Office, Border Force, AUSTRAC, and the Australian Criminal Intelligence Commission (ACIC).

The case has also reignited regulatory scrutiny. Recently, AUSTRAC capped crypto ATM transactions at AUD $5000 (around $3229) as part of broader anti-money laundering reforms targeting digital asset abuse.

This case highlights the evolving nature of financial crime in the digital age and underscores the need for enhanced regulatory measures around crypto infrastructure. As Australia strengthens its oversight of digital assets, law enforcement agencies are likely to pursue similar operations with increasing intensity.