Man accused of depositing bundles of up to $10,000

A MAN arrested in dramatic raids in Sydney yesterday has been accused of depositing bundles of up to $10,000 cash into banks as part of a major money laundering operation.

A MAN arrested in dramatic Australian Federal Police raids in Sydney yesterday has been accused of depositing bundles of up to $10,000 cash into banks as part of a major money laundering operation.

Fouad Moussa, 27, pleaded not guilty to dealing with the proceeds of crime worth more than $100,000 in Bankstown Local Court today.

Fouad Moussa has been accused of depositing bundles of up to $10,0000 cash.

He spent last night in custody and was granted bail today after his barrister AJ Karim argued the Crown’s case was based on “speculation” and the allegations were “not terrorism”.

Moussa was among three people, including one woman, charged when the AFP, NSW Police and Australian Border Force swooped on eight premises in the Bankstown area yesterday morning.

Officers allegedly seized more than $1.1 million including $105,000 cash from a Bankstown unit.

Magistrate Elaine Truscott said Moussa had been charged under anti-terror financing legislation.

Mr Karim responded saying: “It’s not terrorism ... I’ve spoken to the police and it’s not terrorism.”

Three people were charged after raids in Sydney yesterday. Picture: Dylan Robinson

According to court documents Moussa was allegedly “conducting transactions so as to avoid reporting requirements” under the Anti-Money Laundering and Terrorism Financing Act.

Police will allege he deposited more than $100,000 through automatic cash machines and over the counter at various banks.

The court heard Moussa was allegedly one of “at least two people known to attend” the unit where police found the $105,000 and a money counter in a locked room yesterday.

Police allegedly seized more than $1.1 million. Picture: Dylan Robinson

But Mr Karim argued there was “absolutely no timeline” in the police statement of facts for Moussa’s alleged visits to the unit.

“It is my respectful submission that the prosecution facts are based on speculation,” Mr Karim said.

Ms Truscott said “forensic procedures are being undertaken regarding the DNA of the defendant and the locked room”.

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Moussa was deemed a flight risk at his bail hearing today because he had recently applied for an Australian passport. Ms Truscott ordered the application be cancelled as part of the his bail conditions.

Also arrested were 25-year-old Bankstown woman Elamira Elayouby and 27-year-old Bankstown man Ahmad Ali, who are due to face separate courts next month.