$21 million seized: Brisbane at the centre of vast alleged money laundering operation

In just 15 months, a Brisbane businessman allegedly made $9.5 million in cash and cryptocurrency. A tidy profit for the owner of a sales promotion company.

Another business owner in West End allegedly made $6.4 million over a 17-month period, supposedly from his classic car dealership.

Federal police now allege the men were part of a large, sophisticated money laundering scheme linked to a Gold Coast-based security company that used its armoured transport unit as a front for its crimes.

Seventeen properties, vehicles, crypto wallets, bank accounts and about $21 million were seized last week after more than a dozen homes and businesses in Queensland and NSW were raided.

Nissan seized as part of investigation into alleged money laundering in Brisbane and the Gold Coast. Credit: AFP

The couple behind the Gold Coast security company and the two Brisbane men were arrested and hit with a string of charges including money laundering and handling the proceeds of crime.

Man arrested following more-than-a-year long investigation into alleged money laundering in Brisbane and the Gold Coast.Credit: AFP

“This plot was elaborate and calculated, and it demonstrates the lengths criminals will go to make money,” said Detective Superintendent Adrian Telfer from the Australian Federal Police.

The arrests were the culmination of a nearly two-year investigation by Queensland Police’s Joint Organised Crime Taskforce and Australian Federal Police, which began when officers traced suspicious transactions.

Investigators followed a money trail linked to the 32-year-old sales promotion business owner in the south-western suburb of Heathwood, which led them to the Gold Coast security company that had transferred $190 million cash into cryptocurrency.

“Investigations into the source of the $190 million converted into cryptocurrency by the security company remain ongoing,” the AFP said in a statement on Monday.

Police allege the security company used a complex network of bank accounts, businesses, couriers and cryptocurrency accounts to launder millions of dollars of illicit funds over 18 months.

“The security company, which transferred cash between businesses and banks, allegedly mixed cash from its legitimate business arm with illicit funds deposited by suspected criminals,” the AFP said.

Millions of dollars in cash from organised criminals across Australia were also allegedly moved through the security company.

Investigators said money was left at “dead drop” locations around the country, and collected by a network of couriers who sent it as domestic cargo on flights to Queensland.

It was then collected by the security company in the state’s south-east.

“Criminals always choose greed over decency and will constantly find opportunities to increase their wealth at the expense of others,” Telfer said.

“We allege this organisation intentionally concealed and disguised the source, value and nature of their illicit money, and distanced themselves from the funds to try to avoid getting caught by authorities.”

The 32-year-old man from Heathwood appeared in Brisbane Magistrate’s Court on Monday.

The 58-year-old man from West End is due to face court in August.

The 48-year-old man and 35-year-old woman from Maudsland, who were the director and general manager respectively of the Gold Coast-based security business, are due to appear in court next month.

The Australian Federal Police said further arrests were possible.

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