A couple have been charged over cryptocurrency laundering totalling $300,000.
Cybercrime Squad detectives allege the pair, a man aged 32 and a woman, 29, from Wiley Park in Sydney started up 45 companies as well as opening numerous bank accounts to receive cash deposits investigators will allege were the proceeds of crime.
More than $300,000 was transferred to digital currency and distributed into cryptocurrency accounts offshore, police allege.
They pair have also been charged over alleged ID fraud and were taken to Campsie Police Station at 6.30am today.
During a search of their house, police seized computers, laptops, electronic storage devices, mobile phones, and documentation.
The man was charged with 35 fraud-related offences, six identification fraud-related offences, and knowingly dealing with proceeds of crime.
He was refused bail to appear at Burwood Local Court tomorrow.
The woman was charged with 12 fraud-related offences.
She was granted strict conditional bail and is due to appear at Burwood Local Court on Tuesday October 9.
Police are also conducting inquiries with Australian Border Force in relation to the couple’s immigration status.
In March 2018, detectives from the State Crime Command’s Cybercrime Squad established Strike Force Breabank to investigate purchases being made online using stolen and fraudulently obtained credit card information.
Investigations are ongoing.
Cybercrime Squad Commander, Detective Superintendent Arthur Katsogiannis, said cryptocurrencies pose a significant challenge for law enforcement both here and abroad.
“The semi-anonymous and decentralised nature of many cryptocurrencies make it desirable for criminal activity, particularly for those groups who are operating offshore,” said Det Sup Katsoginannis.
“While there are various levels of regulation across the globe, cryptocurrency exchanges in Australia come under the scrutiny of AUSTRAC, which strengthens our capability to monitor and investigate illicit transactions.
“The sharing of financial intelligence and information of all currencies can only help to minimise the risk of criminal groups conducting ‘business’ without detection.”
Reports of online fraud can be made to the Police Assistance Line on 131 444 or at a local police station.
© Nine Digital Pty Ltd 2018