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After being contacted by an individual pretending to be an investment advisor, victims were instructed to transfer their money into a digital currency exchange platform called “NEXOpayment.”
However, instead of being invested, the deposits were reportedly funneled through multiple cryptocurrency wallets and exchanges, mimicking a money-laundering scheme.
In response to these activities, authorities conducted searches yesterday at residential properties in Strathfield and Cammeray, as well as a business location in Burwood, to gather evidence.
During these searches, law enforcement officers uncovered electronic devices and documents pertinent to the investigation.
A 42-year-old man from Strathfield was apprehended and brought to Auburn Police Station, where he faced charges, including laundering funds in excess of $5000.
Police also arrested a 36-year-old man in Cammeray.
Commander of the Cybercrime Squad, Detective Acting Superintendent Jason Smith, said the people who operate these scams “are highly organised, sophisticated, and relentless in their targeting”.
“I urge anyone planning to invest to slow down and take the time to verify who you are dealing with. Make sure, firstly, that the company is legitimate and registered in Australia. There is no rush, speak with a trusted friend, relative, or professional before you consider transferring any money.”
Strike Force Resaca was established in February to investigate the involvement of two men in an investment scam that defrauded more than 190 vulnerable and elderly Australians of more than $5 million since November last year.
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