How a $123M crypto scam in Australia laundered millions through car dealerships, a security company, and front businesses before moving the money into cryptocurrencies, according to authorities.
The Australian Federal Police, alongside Queensland Police and the Australian Criminal Intelligence Commission, revealed the results of an 18-month investigation this week. The probe, led by the Queensland Joint Organized Crime Taskforce (QJOCTF), uncovered a sophisticated scheme that allegedly laundered $123 million between 2023 and 2025.
Investigators say the ringleaders used a cash-in-transit security firm to collect illicit funds, which were then transported to Queensland. From there, the money was moved into front businesses, including a classic car dealership and a marketing firm. These entities allegedly commingled the illicit proceeds with legitimate revenue before funneling them into crypto transactions.
In coordinated raids in June 2025, police seized $170,000 in digital assets, $30,000 in cash, and froze more than $21 million in property and bank accounts. Four suspects — including directors of the security and dealership businesses — now face charges related to money laundering and document forgery.
“This case shows how traditional industries can be exploited to mask the flow of criminal proceeds before they enter the digital asset ecosystem,” said Detective Superintendent Claire Grant of the AFP. “Our partnerships across agencies made this takedown possible.”
The operation highlights growing scrutiny of cryptocurrency’s role in financial crime. While illicit crypto activity accounted for just 0.14% of total volume in 2024, according to CoinDesk, regulators argue that transparency in blockchain transactions can both enable and foil money launderers.
The investigation remains ongoing, with authorities signaling more arrests could follow as they trace funds across wallets and exchanges. For Australia, the case underscores both the risks of crypto’s misuse and the increasing effectiveness of law enforcement in following digital money trails.