Man arrested for laundering $123m for crime syndicates via shell companies
A 40-year-old Sydney man was arrested. He allegedly controlled shell company bank accounts. These accounts moved $123m in proceeds of crime.
Police raided two homes in Strathfield and Burwood on Wednesday. Police seized around $750,000 in cash.
The money was found in grocery bags, luxury handbags and watches. Officers also took a cash counting machine and electronic devices.
The AFP says the arrested man controlled shell company bank accounts. These were used to launder money from organised crime.
Money was changed into cryptocurrency or sent overseas. The investigation began in February under Taskforce Avarus, a joint operation targeting money laundering networks.
Police say the network offered laundering services to multiple crime syndicates. The 40-year-old faces two charges of recklessly dealing with proceeds of crime and a maximum 25-year sentence.
He was refused bail.
- $123 million
- Amount laundered
- $750,000
- Cash seized
- 25 years imprisonment
- Maximum penalty
- February 2026
- Investigation start date
Why it mattersThe arrest shows how organised crime networks hide their profits. They use complex financial structures and offshore transfers. These methods fund further criminal activity.
AustraliaThis Sydney-based network was helping Australian organised crime groups conceal and move illegal proceeds, affecting local law enforcement and community safety.
Corroborated bythenightly.com.au
✓ Claims checked against the source and corrected before publish. checked 2 h ago
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