Australian Man Arrested Over Cryptocurrency Scam


November 12, 2019 11:03 pm

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A 38-year-old Australian man was arrested for performing unregistered cryptocurrency transactions. Australian law enforcement has taken the person into custody for making the unregistered transaction. The police department of Victoria announced that the man was arrested at his address in the town of Cairnlea. 

The report from the Victoria Police states: 

“Detectives from the E-Crime Squad have arrested a man today as part of an investigation into unregistered cryptocurrency transactions.” 

The Cairnlea resident is accused of violation of the Anti-Money Laundering and Counter-Terrorism Financing Act of 2006 for making an unregistered crypto exchange service and the Criminal Code Act 1995 for dealing with property suspected of being proceeds of crime.

While arresting the suspect, law enforcement found a substantial quantity of cash and false identification documents. Later they were seized along with a cryptocurrency ATM from a shopping center in Braybrook. 

The investigation was initiated by reports of scam activity linked to the ATM provided to the police by AUSTRAC. This partnership between the two agencies is one of the first actions by the E-Crime Squad that was related to digital currencies. 

David Hawkins, AUSTRAC’s national manager of intelligence operations sated that the outcome of the investigation underscores the importance of collaboration between AUSTRAC and law enforcement.

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