INSUBCONTINENT EXCLUSIVE:
Australian authorities have charged four individuals following an 18-month investigation into a $190 million Australian dollar ($123
million) crypto laundering operation allegedly run through a cash-in-transit security company.The Australian Federal Police said they had
frozen about $13.6 million worth of suspected criminal assets across the states of Queensland and New South Wales.The Queensland Joint
Organized Crime Taskforce (QJOCT), comprising 70 officers from federal and state agencies, began the investigation in December 2023
It reportedly uncovered an operation that used an armored vehicle unit of a security business as a front to launder criminal proceeds into
cryptocurrency.Authorities say 17 properties, vehicles and multiple bank accounts were seized
Source: QJOCTTransaction trails from one suspect, who allegedly laundered $9.5 million over 15 months, led investigators to uncover a
complex laundering scheme masked as legitimate business activity.The security company is accused of blending clean business earnings with
illicit cash deposited by suspected criminals, then funneling the funds through a sales promotion company, a classic car dealership and
cryptocurrency exchanges.Related: Australia rolls out new crypto ATM rules as feds flag rising scamsThe laundered funds were then allegedly
distributed to beneficiaries either in cryptocurrency or via those front businesses.Crypto enables and battles money launderingWhile
blockchain technology offers the potential to modernize financial systems, its open and decentralized nature also makes it attractive to
It can act as a double-edged sword in the fight against financial crime.According to blockchain forensics specialist Chainalysis, more than
$100 billion worth of crypto flowed from illicit wallets to conversion services between 2019 and mid-2024.The year 2022 included $30 billion
flowing through sanctioned services
Source: ChainalysisCybercriminals have become increasingly adept at using mixers, DeFi protocols and crosschain bridges to obscure their
transactions and evade detection
but has real-world implicationsIn recent months, increasing instances of crypto-related crime have occurred in the physical world
Criminals are increasingly turning to violence and intimidation to obtain or protect digital assets.Related: Streamer Amouranth claims she
was robbed at gunpoint over crypto fortuneMoroccan police recently arrested 24-year-old Badiss Mohamed Amide Bajjou, suspected of
orchestrating a string of crypto-related kidnappings, including a failed attempt to abduct the daughter and grandson of Paymium CEO Pierre
Noizat in Paris.In another high-profile case, Ledger co-founder David Balland was kidnapped from his home in central France in January and
