Two alleged Perth criminals are more than $700,000 poorer thanks to a Federal Police investigation that led to them confiscating cash and luxury watches they believed were proceeds of crime.
More than $640,000 in cash and the watches, estimated to be worth about $90,000, were found in a warehouse and hotel rooms in Malaga and Innaloo during a drugs bust in September 2022.
The AFP has seized two watches worth $90,000 and over $640,000 in cash during a drugs bust.Credit: AFP
Alongside the cash and watches was 5.7 kilograms of methamphetamine, leading to the arrest of two men who were charged with drugs trafficking and money laundering.
The AFP-led Criminal Assets Confiscation Taskforce then investigated the source of the money and watches before applying to WA’s District Court to have them restrained and forfeited under the Proceeds of Crime Act.
Taskforce Commander Allison Buck said restraining criminal assets and removing the profit from crime was a key strategy to ensure offenders did not enjoy lavish lifestyles at the expense of the community or reinvest tainted wealth into other illicit ventures.
“Many law-abiding Australians are feeling the pain of cost-of-living pressures, but people who gain money illegally can buy properties or enjoy lives of luxury without the same financial restraints,” she said.
“The AFP and its partners will ensure people are able to lawfully justify the wealth and assets they accumulate.
“The successful restraint and forfeiture of these assets is testament to the ongoing collaboration of AFP criminal and CACT investigators and litigators, who work hard every day to see the legal process through to completion.
“It is satisfying for our members to maximise their impact on the criminal environment.”
The two men arrested are still before the courts.
Over $640,000 of cash seized by AFP in Perth.Credit: AFP
Start the day with a summary of the day’s most important and interesting stories, analysis and insights. Sign up for our Morning Edition newsletter.