Ferrari worth $600,000 seized in raid on alleged $5.5 million cryptocurrency scam
A Ferrari thought to be worth more than half a million dollars has been seized in Sydney after police busted an alleged multimillion-dollar cryptocurrency scam.
The red 458 was among six luxury and classic cars, 11 motorcycles, seven luxury watches and nunchucks seized after a 39-year-old man was arrested and charged with three fraud offences on Friday night.
Police, who also seized cryptocurrency wallets, allege he defrauded two companies of more than $5.5 million using a cryptocurrency scam.
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A Ferrari thought to be worth more than half a million dollars has been seized in Sydney after police busted an alleged multimillion-dollar cryptocurrency scam. NSW Police
The red 458 was among six luxury and classic cars, 11 motorcycles, seven luxury watches and nunchucks seized NSW Police
Strike Force Scotland detectives raided a home and a warehouse in Cromer on Friday night before further inquiries pointed them to a Marrickville car dealership, where they seized the Ferrari, which they believed to be worth about $600,000, about 2pm on Saturday.
On Wednesday, they charged a 67-year-old man with dealing proceeds of crime.
It's alleged he "authorised the funds and arranged the disposal of the Ferrari on behalf of the younger man to avoid police detection".
The 39-year-old also faces one count of knowingly dealing with the proceeds of crime.
Police alleged the seized vehicles have a total value of about $2.7 million but declined to give any further details about the alleged crypto scam.
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Financial Crimes Squad detectives have charged two men after an investigation into a cryptocurrency scam which allegedly defrauded two companies of more than $5.5 million. NSW Police
Financial Crimes Squad boss Detective Superintendent Gordon Arbinja reminded people to show "due diligence" when buying crypto.
"Cryptocurrency isn't illegal, but it is imperative that it's handled responsibly to avoid being scammed," she said.
"When buying or selling crypto, make sure you use a digital currency exchange that is approved by AUSTRAC and always scrutinise all the details.
"If you think you've been the victim of a scam, contact ScamWatch and your local police immediately."
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Investigators executed three search warrants at a home and warehouse in Cromer. NSW Police
The 39-year-old was refused bail in Parramatta Local Court on Saturday to appear at Downing Centre Local Court on August 24.
The 67-year-old was granted bail to appear at Manly Local Court on September 6.
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