Four individuals have been arrested and charged in connection with an alleged cryptocurrency investment scam on the Gold Coast, according to Queensland Police. The investigation, which began in July 2022, targeted several companies suspected of engaging in fraud and money laundering activities. On March 11 and 12, two men and two women linked to the scam were apprehended, following the execution of search warrants at multiple locations across the Gold Coast. A 46-year-old man from North Brisbane has been charged with four counts of fraud and one count of money laundering. He appeared in court on March 25 and is expected to return on May 27. A 36-year-old man from the Gold Coast, along with two women aged 37 and 63, were each charged with one count of money laundering and are scheduled to appear in court on April 29. The group is accused of running a Ponzi scheme that defrauded around 30 victims between 2018 and 2021. Police allege that over $1.5 million was laundered through various means, including cryptocurrencies, precious metals, luxury vehicles, and real estate, in an effort to conceal the illegal origins of the funds. The incident highlights the increased scrutiny of cryptocurrency in Australia, with measures such as improved reporting requirements for banks and proposals to subject digital asset platforms to existing financial service laws. In response to these restrictions, Blockchain Australia has launched new initiatives to address crypto scams and fraud.
