Police Seized $2.7 Million of Luxury Cars and Motorcycles from a Warehouse in Sydney
Things just got a bit chaotic down under.
Back in March, detectives from State Crime Command‘s Financial Crimes Squad in Australia created Strike Force Scotland to investigate allegations of two companies being defrauded of over $5.5 million via a cryptocurrency scam dating back to 2021. The detectives have since arrested and charged two men connected to the crime as of June 21. Investigators also executed three search warrants at a home and a warehouse in Cromer, or northern Sydney, where $2.7 million in luxury motors were seized.
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Between the two properties, the strike force reportedly found six luxury and classic cars, 11 motorcycles, seven luxury watches, cryptocurrency wallets, and documents useful to the investigation. Further investigations lead detectives to a car dealership in Marrickville where they found and seized a red Ferrari estimated to be worth $600,000, which is included in the multimillion-dollar seizure total.
A 39-year-old man was the first to be arrested on June 16 after strike force detectives stopped his car on Orlando Road in Cromer. He was taken to Manly Police Station and charged with three counts of dishonestly obtaining financial advantage by deception, and knowingly dealing with proceeds of crime with intent to conceal. The thief was refused bail to appear at Parramatta Local Court the following day, and refused bail to appear at Downing Centre Local Court on August 24.
Detectives recently arrested the second suspect on June 21. The 67-year-old man was also taken into Manly Police Station where he was charged with property proceeds of the crime, which are equal to or greater than $100,000. Unlike the other suspect, he was granted conditional bail to appear at Manly Court on September 6.
Police are expected to allege in court that the younger man defrauded the companies with a cryptocurrency scam, while the older man authorized the funds and arranged the disposal of the Ferrari on behalf of the younger suspect to avoid law enforcement, according to NSW Police. Detective superintendent Gordon Arbinja, commander of State Crime Command’s Financial Crimes Squad, says in a statement that the scam is a “timely reminder for people to exercise due diligence” when buying or selling crypto.
“Cryptocurrency isn’t illegal, but it is imperative that it’s handled responsibly to avoid being scammed,” she explains. “When buying or selling crypto, make sure you use a digital currency exchange that is approved by AUSTRAC and always scrutinize all the details. If you think you’ve been the victim of a scam, contact ScamWatch and your local police immediately.”
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