A former ANZ employee is among seven people accused of running Australia’s biggest money-laundering ring and faces life in jail if convicted, as former Howard government minister Gary Hardgrave said he had been left “shocked and duped” for backing the business.

The currency-changing business at the centre of the case and which had transferred more than $10 billion had its licence revoked on Thursday, and customers of at least one of the 12 Changjiang Currency Exchange shops across the country – Swanston Street in Melbourne – were met with a closed sign.