$1 Million Aussie Coin Scam Exposed by the Police
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A 36-year-old man and a 37-year-old woman have been charged by Australian police for their alleged involvement in an alarming and elaborate $1 million money-laundering scheme involving damaged Aussie coins.
The joint criminal syndicate allegedly planned every move to fraudulently obtain, and import damaged $1 and $2 coins into Australia. Then, they used ‘smart ATMs’ in Sydney to launder the coins and deposit the proceeds into several bank accounts with the ultimate aim of sending all the money offshore.
Organised Crime Squad Commander Detective Superintendent Peter Faux spoke out on the case. He said:
'The alleged actions of this group demonstrate the elaborate ways offshore syndicates are attempting to infiltrate our country and extort our financial system. As we have said time and time again, these groups all chase one thing–money. They want the power and control which comes with it and do not care who they defraud to get there.'
The police investigation included a raid of several businesses in Sydney, including Haymarket and the CBD, as well as a home in Strathfield. They seized a number of items, including several boxes of damaged coins, which were allegedly sent to Australia in packages disguised as belt buckles.
The duo have been charged with recklessly dealing with proceeds of general crime with intent to conceal and were estimated to have obtained $1 million since August 2022.
The woman was also charged with one count of recklessly dealing with proceeds of crime of more than $5,000.
Regular coins become damaged in various ways, including everyday wear, and when damaged, they're no longer viewed as legal tender in Australia. If you possess any damaged coins, they must be deposited at a bank for their full face value.
Mutilated coins–which include coins damaged in an industrial process, melted coins, coins attached to another object, drilled or punctured coins–cannot be redeemed for their face value. People can deposit them at a bank, and will be forwarded to the Mint for processing, but they will only pay a scrap value.
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The joint criminal syndicate allegedly planned every move to fraudulently obtain, and import damaged $1 and $2 coins into Australia. Then, they used ‘smart ATMs’ in Sydney to launder the coins and deposit the proceeds into several bank accounts with the ultimate aim of sending all the money offshore.
Organised Crime Squad Commander Detective Superintendent Peter Faux spoke out on the case. He said:
'The alleged actions of this group demonstrate the elaborate ways offshore syndicates are attempting to infiltrate our country and extort our financial system. As we have said time and time again, these groups all chase one thing–money. They want the power and control which comes with it and do not care who they defraud to get there.'
Two alleged criminals were charged for an elaborate $1 million money-laundering scheme. Image source: Rob Paulsen Coin.
The police investigation included a raid of several businesses in Sydney, including Haymarket and the CBD, as well as a home in Strathfield. They seized a number of items, including several boxes of damaged coins, which were allegedly sent to Australia in packages disguised as belt buckles.
The duo have been charged with recklessly dealing with proceeds of general crime with intent to conceal and were estimated to have obtained $1 million since August 2022.
The woman was also charged with one count of recklessly dealing with proceeds of crime of more than $5,000.
Regular coins become damaged in various ways, including everyday wear, and when damaged, they're no longer viewed as legal tender in Australia. If you possess any damaged coins, they must be deposited at a bank for their full face value.
Mutilated coins–which include coins damaged in an industrial process, melted coins, coins attached to another object, drilled or punctured coins–cannot be redeemed for their face value. People can deposit them at a bank, and will be forwarded to the Mint for processing, but they will only pay a scrap value.
The coins were found in boxes disguised as belt buckles. Image source: Freepik/DCStudio.
You can also check our own Scam Watch to stay updated on the latest news.
Let us know your thoughts on the story in the comments below!
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