Australian Federal Police (AFP) have dismantled an organised crime syndicate, seizing assets worth over £120m, including mansions, cryptocurrency, and luxury goods. The operation, described as the largest asset restraint in AFP history, targeted a gang allegedly operating as an 'underground bank' moving proceeds of crime internationally.
Nine people were arrested on Wednesday and are due to face court on Thursday. The alleged leader could face up to 25 years in prison if convicted. The syndicate is accused of bypassing international financial systems to launder money between 2018 and 2022.
Assets seized include 20 properties in Sydney, among them a 360-hectare plot near the site of Sydney's second international airport valued at £38m. Also restrained were mansions in Sydney's eastern suburbs worth a combined £15m, £23m in cryptocurrency, and multiple commercial buildings in the city centre.
Police also confiscated luxury vehicles, bank accounts, 18 designer watches, 17 designer handbags, and 46 pieces of designer jewellery. Assistant Commissioner Kirsty Schofield warned organised crime groups: 'You are on our radar.' The investigation is ongoing, with more assets potentially to be seized.
