A 52 year old woman has been incriminated by the Australian police with charges for illegally exchanging cash for digital coins. The operation involves some millions of dollars, meaning that the investigation has been going on for quite some time now.
The New South Wales State Police officers apprehended the woman in a Sydney based shopping center, seizing AUD $60K (appr. $38k) in cash and 3.8 bitcoin. She has been charged with three counts of willfully dealing with proceeds of crime, as well as for violating Australian crypto and fiat exchange laws.
Police statements claim that the woman was not operating alone, but as a part of a bigger group, a syndicate most likely running unlawful crypto currency exchanges.
Cybercrime Squad Commander Detective Superintendent Matthew Craft revealed in a statement the current estimated profit the syndicate has made,
“It will be alleged as part of this investigation that the cryptocurrency wallet used by the individuals involved has transacted since 2017 over 326 Bitcoin. That equates to over $5 million (US$3.2 million) in today’s money. This is a significant quantity of Bitcoin for somebody who is not a registered digital currency exchange.”
The Aussie police just recently started initiating investigations against online money laundering where crypto plays a crucial role. In November of 2018, a special investigation squad was formed to deal with similar cyber crimes.