Authorities Charge Four in $123M Crypto Laundering Case in Australia

Australian authorities have charged three men—aged 32, 48, and 58—and a 35-year-old woman in connection with a sophisticated $123 million (AU$190 million) cryptocurrency-linked money laundering scheme.

According to the Australian Federal Police (AFP), the operation used a Gold Coast-based security company—allegedly owned by a couple among the accused—as a front to move large sums of illicit cash.

The company’s armoured transport arm is believed to have played a key role, smuggling money across state lines before converting it into cryptocurrency.

The probe, led by the Queensland Joint Organised Crime Taskforce (QJOCT), began in December 2023 and involved more than 70 officers from both state and federal agencies.

Authorities said they uncovered a network that concealed the origins of criminal proceeds by blending them with legitimate business revenue.

Funds were allegedly funnelled through a web of front companies, including a sales promotion firm, a vintage car dealership, and various crypto exchanges, before being redistributed to beneficiaries either as crypto or through these shell businesses.

Investigators linked one suspect to over $9.5 million in laundering activity over a 15-month period.

The AFP has since frozen approximately $13.6 million in assets, including property and vehicles, across Queensland and New South Wales.

Authorities say the investigation remains ongoing, particularly into the origins of the funds that were funnelled into crypto via the security company.

Four Suspects Allegedly Used a Security Firm to Launder Illicit Gains

Detective Acting Superintendent David Briese of Queensland Police’s Crime and Intelligence Command said the four individuals charged were part of a wider criminal network that used money laundering to disguise illicit profits and exploit legitimate businesses—actions he warned undermine communities and economies.

According to Briese, these financial crimes served as a critical enabler for serious organised crime, including drug trafficking, exploitation, fraud, and violence.

Among those charged is a 32-year-old man from Heathwood in Brisbane, who allegedly laundered $9.5 million over a 15-month span as a major client of the network.

He was arrested on 5 June and charged with money laundering and failing to provide access to a mobile phone.

He has been remanded in custody and is scheduled to appear in Brisbane Magistrates Court on 9 June.

Also charged were a 48-year-old man and a 35-year-old woman from Maudsland on the Gold Coast, who served as the director and general manager of the implicated security firm.

Both were arrested on June 6 and each charged with a money laundering offense.

The couple was granted watchhouse bail and is expected to appear in Southport Magistrates Court on 21 July 2025.

A fourth individual—a 58-year-old man from West End in Brisbane—was charged with two counts of money laundering after allegedly transferring funds through a business account to another account controlled by the Heathwood suspect.

He was also granted watchhouse bail and is due to face Brisbane Magistrates Court on 1 August 2025.

Taskforce Carries Out 14 Targeted Raids in Brisbane and Gold Coast

Between 5 and 6 June 2025, more than 70 officers from the QJOCTF executed 14 coordinated search warrants across homes and businesses in Brisbane and the Gold Coast.

The QJOCTF includes representatives from the AFP, Queensland Police Service, Australian Border Force (ABF), Australian Criminal Intelligence Commission, AUSTRAC, and the Australian Taxation Office (ATO). https://www.ato.gov.au/media-centre/alleged-qld-money-laundering-organisation-dismantled

Both AUSTRAC and the ATO also played a key role in providing analytical support throughout the investigation, which focused on Southeast Queensland and tracked suspected cash drop-offs in cities across Australia.

The AFP-led Criminal Assets Confiscation Taskforce (CACT) seized approximately $21 million in suspected criminal assets across Queensland and New South Wales.

The haul included 17 properties, vehicles, and numerous bank accounts believed to be connected to the laundering operation.

Detective Acting Superintendent David Briese of the Drug and Serious Crime Group said the case highlights the sophistication of modern money laundering networks and the extraordinary measures criminals take to disguise illegal profits.

Adrian Telfer, AFP Detective Superintendent, said:

“Money laundering investigations are incredibly challenging due to the complex web of deception used by criminals, and this crime cannot be tackled by one agency alone.”

ABF Acting Commander Troy Sokoloff echoed that sentiment, calling the coordinated operation a powerful demonstration of the joint effort required to tackle organised financial crime.

AUSTRAC National Law Enforcement Coordinator Markus Erikson added that AUSTRAC’s intelligence was instrumental, offering investigators a “vivid trail” of illicit financial activity and playing a decisive role in bringing the operation to light.

The result reflects the precision and persistence of investigators, forensic accountants, and interagency partners across QJOCTF, CACT, and Taskforce Avarus—all working to safeguard communities from the corrosive effects of serious organised crime.