Police seize $60m worth of houses, supercars, cash and gold

Fast cars, huge wads of cash and even a stash of gold ingots are among $60 million in assets seized by police in the fight against organised crime in SA.

Gold ingots, supercars, diamond encrusted gold watches, property and huge stockpiles of cash are among the spoils of organised criminals seized by police targeting their assets.

And besides the usual overt trappings of their illegal activity, police have revealed an increasing trend of cryptocurrency being used to launder cash gleaned from drug sales in South Australia.

Significantly, for the first time police successfully initiated the forfeiture of the home of a man convicted of commercially producing child pornography after being caught lifestreaming the abuse of a child.

Financial and Cybercrime Investigation Branch officer in charge Detective Superintendent Adam Rice said confiscating the assets of organised criminals was a major part of police tactics in disrupting their activities.

“Doing a couple of years in prison is one thing, but coming out with nothing is another,’’ he said.

“It doesn’t just impact them, it impacts their families if it is the family home or a vehicle. We do hear of marriages breaking up …. ’’

Police figures reveal in the 2021/22 financial year asset confiscation investigations – which run in tandem with the criminal investigation into a target – resulted in 138 restraining orders over assets worth $60.1 million.

In the previous corresponding period 154 orders were obtained over assets worth $70.9 million, but this was bolstered by the Operation Ironside initiative that saw more than 70 arrests in SA and tens of millions of dollars in assets restrained.

Houses, cash, cars and gold: $60m seized by police. Artwork: Kara Jung

Photos of assets seized by South Australian Police.

Photos of assets seized by South Australian Police.

Confiscation Section manager Detective Senior Sergeant Carly McMahon said while it was largely the same items being restrained – property, luxury cars and jewellery – there had been a significant increase in cryptocurrency seizures over the past 12 months.

She said 14 investigations have involved cryptocurrency with a number of them “big dollar amounts.’’

In one case the cryptocurrency units were worth $1.3 million the day they were subject to a restraining order.

“But bearing in mind its value could be wildly different to that now with the way it fluctuates, compared to when it was restrained or seized,’’ she said.

Det. Supt. Rice said restraining cryptocurrency was “a new world’’ for police because of the complexity in dealing with the digital exchanges and tracking the currency once it has been purchased.

“The issue with crypto is it is very movable very quickly, it can literally be gone in seconds and it is quite technical for us to be able to get it back,’’ he said.

“There is some regulation around that market, but it is not like the banking sector for example.’’

Photos of assets seized.

A motorbike seized by SAPOL.

Det Snr Sgt McMahon said criminals were getting smarter in how they were attempting to hide assets gained through their illegal activities.

“We are seeing methods where they are perhaps using businesses, trusts and trying to obfuscate they are the owner of property,’’ she said.

“It ranges from putting the assets in a friends name through to the more involved methods. The key for us is being able to prove they still effectively control the assets.

“It is certainly making our inquiries more protracted.’’

Police have increased their intelligence capability within the Confiscations Section because of the changing landscape being exploited by criminals, with additional analysts and forensic accountants being used, particularly in complex investigations.

“Forensic accountants are a staple, we have a great capability there and we use them as we need to,’’ Det. Supt. Rice said.

Det. Supt. Rice said organised crime groups were continually using facilitators, including accountants, financial advisers and lawyers, to assist their activities and structure their business models.

“The complexity of the environment they are operating in clearly has professional advice behind it. We don’t necessarily see where the advice is coming from, but to structure your business and companies as they do requires competent professional advice,’’ he said.