Two men have been charged for their alleged involvement in a cryptocurrency scam that defrauded two companies of more than $5.5m.
Six luxury and classic cars, 11 motorcycles seven luxury watches and cryptocurrency wallets were seized when police executed search warrants at a home and warehouse in the northern Sydney suburb of Cromer.
Detectives then located and seized a red Ferrari – believed to be worth $600,000 – at a car dealership in Marrickville.
The 18 seized vehicles are worth an estimated $2.7m.
A 67-year-old man was arrested at 2pm on Wednesday and has been charged with dealing with proceeds of crime worth equal to at least $100,000.
Police will allege in court that he authorised funds and arranged for the disposal of the Ferrari in an attempt to avoid police detection.
He was granted conditional bail and will appear at Manly Local Court on September 6.
A 39-year-old man was arrested after being pulled over by police in Cromer on the evening of June 16.
Police will allege he defrauded two companies using a cryptocurrency scam.
He was refused bail and will face charges of dishonestly obtaining financial advantage by deception and knowingly deal with proceeds of crime with intent to conceal.
He will return to the Downing Centre Local Court on August 24.
Financial crimes squad commander Detective Superintendent Gordon Arbinja said the investigation was a timely reminder for people to exercise due diligence when buying or selling cryptocurrency.
“Cryptocurrency isn’t illegal, but it is imperative that it’s handled responsibly to avoid being scammed,” Superintendent Arbinja said.
“When buying or selling crypto, make sure you use a digital currency exchange that is approved by AUSTRAC and always scrutinise all the details.
“If you think you’ve been the victim of a scam, contact ScamWatch and your local police immediately.”