Six arrested in alleged Sydney cryptocurrency money laundering syndicate

Five women and a man have been charged and thousands of dollars in Cartier jewellery seized in a crackdown on an alleged cryptocurrency money laundering operation.

Six more people have been charged after police cracked a criminal group allegedly laundering money using cryptocurrency.

The charges follow the arrest of a 30-year-old man in Strathfield last month, when police allegedly seized $1 million cash during a vehicle stop. The man was charged with 24 offences and remains before the courts.

On Wednesday, officers from the Cybercrime Squad arrested six people – a man and five women – across Sydney from 7am, before raiding two apartments at Newington and Strathfield.

A man and five women were arrested on Wednesday after allegedly taking part in a criminal group’s money laundering operation. Picture: NSW Police.

Officers allegedly seized mobile phones, laptops, tablets as well as cash and jewellery, including a $6,350 Cartier bracelet from the units during the searches.

A 48-year-old Newington man was charged with seven counts of dealing with the proceeds of crime with intent to participate in a criminal group and contribute to criminal activity.

A Cartier love bracelet, worth $6,350, was seized during the raids. Picture: NSW Police.

Police allege he was involved in cryptocurrency money laundering and had transferred cash into fraudulent bank accounts. He will appear in Burwood Local Court today.

A 24-year-old Strathfield woman was charged with participating in a criminal group contributing to criminal activity and four counts of knowingly dealing with the proceeds of crime.

One of six women arrested during the crackdown on cryptocurrency money laundering. Picture: NSW Police.

Some of the cash seized during raids on Newington and Strathfield units. Picture: NSW Police

Investigators allege she also was involved in the money laundering and handled up to $3 million in crime proceeds.

A 24-year-old Homebush West woman, a 23-year-old Denham Court woman and 23-year-old Newington woman were all charged with three counts of recklessly dealing with proceeds of crime, and a 23-year-old Concord woman was charged with two counts of recklessly dealing with proceeds of crime and two counts of accessory before the fact to recklessly deal with proceeds of crime.

All five women were granted strict conditional bail to appear at Central Local Court on Monday 19 April 2021.

Investigations by the Cybercrime Squad are continuing.