Two men have been charged after police seized millions of dollars worth of luxury cars, watches and other items from an alleged cryptocurrency scam.
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The men, aged 39 and 67, were arrested in Sydney after two companies were defrauded of more than $5.5 million since 2021.
Officers raided a warehouse at Cromer on Sydney's northern beaches on Friday and seized six luxury cars, 11 motorcycles, seven designer watches, nun chucks, cryptocurrency wallets and relevant documents.
Police say the younger man defrauded the companies, while the older man helped authorise the funds and later tried to dispose of a $600,000 red Ferrari on behalf of the younger man to help avoid police detection.
Before last week's raid, police arrested the 39-year-old during a traffic stop.
He was taken to Manly Police Station and charged with three counts of dishonestly obtaining financial advantage by deception, and knowingly dealing with the proceeds of crime with the intent to conceal.
The following day strike force detectives seized the Ferrari at a car dealership in Marrickville in Sydney's inner west.
The total combined value of all cars seized is estimated to be about $2.7 million.
Strike force detectives arrested the 67-year-old man at Manly Police Station on Wednesday, charging him with dealing with the proceeds of crime equal to or greater than $100,000.
State Crime Command's financial crimes squad commander, Detective Superintendent Gordon Arbinja, said while cryptocurrency wasn't illegal, it needed to be handled responsibly to avoid being scammed.
"When buying or selling crypto, make sure you use a digital currency exchange that is approved by AUSTRAC, and always scrutinise all the details," he said.
"If you think you've been the victim of a scam, contact ScamWatch and your local police immediately."
Australian Associated Press
