Laundering $4.3 Mln In Cash Via Bitcoin In Australia - Arrested.
2021-02-22 | Eddy Morgan
Australian authorities have arrested a Sydney-based individual for
money laundering after he allegedly tried to convert almost $4.3 Mln in cash via bitcoin via a criminal syndicate.
New South Wales Police arrested Yi Zhong earlier today on Monday after stopping his car within a Sydney suburb and seized $1 Mln in cash, cocaine, and electronic devices,
consistent with a
report by the Australian Financial Review.
Zhong was trying to convert the cash into
cryptocurrency using “money-launderers for hire” and additional arrests are also anticipated in the case.
The operation is being led by a cybercrime team referred to Strike Force Curns,
found earlier in October
to research the money-laundering syndicate.
Zhong now faces drug-dealing and money-laundering charges and was refused bail by the Burwood Local Court on Monday, according to the report.
The news marks the country's another major money laundering case involving cryptocurrency after an Australian woman was
arrested by New South Wales State Police for illicitly exchanging over $3 Mln last May.
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