Two men have been charged and several luxury sports cars have been seized in Sydney after two companies allegedly defrauded more than $5.5 million in a cryptocurrency scam.
Key points:
- Luxury cars with a value of around $2.7 million were seized
- Alleged cryptocurrency scam dates back to 2021
- A 67-year-old man has been granted conditional bail for his alleged involvement in the fraud
Fabio Sa Alves, 39, was pulled over and arrested while driving in Cromer, on Sydney's northern beaches, on Friday, according to New South Wales Police.
Later that day, police searched a house and a warehouse in the same suburb and seized six classic and luxury cars, 11 motorcycles, seven designer watches, nunchucks and cryptocurrency wallets.
The next day, investigators also recovered a red Ferrari valued at around $600,000 at a car dealership in Marrickville, in the western interior.
The total value of all the seized luxury cars was around $2.7 million.
Yesterday, a 67-year-old man was arrested in Manly and charged with trafficking in criminal proceeds worth more than $100,000.
Police say Mr. Sa Alves used a 2021 cryptocurrency scam to defraud businesses, while the older man allegedly authorized the funds and ditched the Ferrari to avoid police detection.
The commander of the financial crimes squad, Detective Superintendent Gordon Arbinja, said that while cryptocurrencies were not illegal, people should be careful when using them.
โWhen buying or selling cryptocurrency, make sure you use a digital currency exchange that is approved by AUSTRAC and always look into all the details,โ he said.
Mr. Sa Alves has been charged with three counts, each of dishonestly obtaining a financial advantage by deception, and knowingly dealing with the proceeds of crime with intent to conceal it.
He was denied bail at Parramatta Local Court and is due to appear in Downing Center Local Court on 24 August.
The older man has been granted conditional bail and is due to appear in Manly Local Court on September 6.
