Adam Cranston, Plutus Payroll perpetrators’ seized luxury items for auction

Gaudy jewels and luxury watches feature in an astonishing haul of seized luxury goods giving a glimpse of the excesses enjoyed by the perpetrators of the biggest tax fraud in Australian history.

Tax evading siblings Adam and Lauren Cranston at the Supreme Court in Sydney. Picture: NCA NewsWire / Christian Gilles

A gaudy array of jewels, designer watches and luxury bags seized from the perpetrators of the biggest tax fraud in Australian history has revealed the extraordinary excess they enjoyed at the height of their crimes.

Then-deputy tax commissioner’s son Adam Cranston was jailed for a minimum of 10 years after a gruelling months-long Supreme Court trial where a jury convicted him of ripping the Commonwealth off to the tune of $105m in a major tax rort.

His sister Lauren Cranston, former lawyer Dev Menon, former pro-snowboarder Jason Onley and Patrick Willmot were among the raft of other players jailed over their roles in the extraordinary scam.

AFP Operation Elbrus Tax Fraud Luxury Assets Forfeited to the Commonwealth & other vendors. Cartier Love Diamond Braclet

The Commonwealth has now enlisted First State Auctions to sell off around 40 luxury items seized from members of the busted syndicate and recover some of the losses to the taxpayer.

The seized items appear alongside a haul of other luxury goods for sale, the most expensive of which is a 0.5ct Argyle pink diamond with an estimated worth of up to $450,000.

All but one of the 12 most expensive items are loose diamonds with estimated worths between $47,000 and $320,000.

A 1.7ct ASHOKA cut diamond trilogy ring, a diamond-studded Audemars Piguet watch, a Paspaley South Sea pearl necklace with a white gold and pink sapphire clasp, and several Rolexes are also among the most extravagant items for sale.

A Rolex in the auction.

Two Cartier Diamond Love bracelets, multiple watches (including an Omega Speedmaster) and several designer handbags (Chanel, Gucci, YSL) are also among the seized haul.

The astonishingly glitzy treasure trove provides a stark insight into the lavish lives the syndicate enjoyed with their ill-gotten gains until the jig was eventually up.

Adam Cranston owned and controlled Plutus Payroll — a legitimate payroll company which managed tax obligations for a number of legitimate clients.

He was ultimately found to have kept a significant percentage of those funds, by funnelling money to a complex web of second-tier companies.

Adam and Lauren Cranston. Picture: NCA NewsWire / Christian Gilles

At the time Adam’s father was the deputy tax commissioner and was in charge of ATO investigations into exactly the type of large-scale tax fraud his son had been committing.

The joint investigation between the Australian Federal Police and ATO found the syndicate had ultimately defrauded the Australian tax system of more than $105m over three years.

Adam was said to have received more than $6m through his role in the scam.

Plutus Payroll co-conspirator Jay Onley.

On Wednesday, Adam, Onley, and Menon have a mention in the NSW Supreme Court as they seek an order under the Jury Act requesting the sheriff to investigate possible improper conduct by the jury that convicted him.

First State Auctions’ gemologist and valuer Ari Taibel said the forfeited items constituted an “impressive luxury goods catalogue”.

“This consignment is unique due to the breadth of the offering, with a high-end selection of watches, designer bags and jewellery, showcasing a collection of treasures from the world’s most prestigious and sought-after brands including Tiffany & Co., Rolex, Cartier, Louis Vuitton, and Chanel,” Mr Taibel said.

AFP Operation Elbrus Tax Fraud Luxury Assets Forfeited to the Commonwealth & other vendors. 1.7 ct Ashoka Cut Diamond Trilogy Ring.

As with all criminal assets forfeited and managed by the official trustee, the auction proceeds will go into the Confiscated Assets account managed by the Australian Financial Security Authority.

The agency in the Attorney-General’s portfolio oversees the management and disposal of criminal assets, with funds then distributed to benefit the community through crime prevention and other law enforcement initiatives.

The auction closes on Sunday at 8pm.

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