Luxury cars seized and two men charged over alleged $5.5m Sydney cryptocurrency scam
By Greta StonehouseTwo men have been charged and several luxury sports cars have been seized in Sydney after two companies were allegedly defrauded more than $5.5 million in a cryptocurrency scam.
Key points:
- Luxury cars worth about $2.7 million have been seized
- The alleged cryptocurrency scam dates back to 2021
- A 67-year-old man has been granted conditional bail over his alleged part in the fraud
Fabio Sa Alves, 39, was stopped and arrested while driving in Cromer, in Sydney's northern beaches, on Friday, according to NSW Police.
Later that day, police searched a home and warehouse in the same suburb and seized six luxury and classic cars, 11 motorcycles, seven designer watches, nunchakus and cryptocurrency wallets.
Investigators also retrieved a red Ferrari valued at about $600,000 at a car dealership in Marrickville in the inner west the following day.
The total value of all luxury cars seized was about $2.7 million.
Yesterday, a 67-year-old man was arrested in Manly and charged with dealing with property proceeds of crime worth more than $100,000.
Police say Mr Sa Alves used a cryptocurrency scam from 2021 to defraud the companies, while the older man allegedly authorised the funds and got rid of the Ferrari to avoid police detection.
Financial Crimes Squad Commander Detective Superintendent Gordon Arbinja said while cryptocurrency was not illegal, people needed to be wary when using it.
"When buying or selling crypto, make sure you use a digital currency exchange that is approved by AUSTRAC and always scrutinise all the details," she said.
Mr Sa Alves has been charged with three counts each of dishonestly obtaining financial advantage by deception, and knowingly dealing with proceeds of crime with intent to conceal.
He was refused bail at Parramatta Local Court and is due to appear before Downing Centre Local Court on August 24.
The older man was granted conditional bail and is due to appear before Manly Local Court on September 6.