The arrests and charges follow an 18-month investigation involving multiple agencies, spearheaded by the AFP’s Criminal Assets Confiscation Taskforce. This effort resulted in the confiscation of assets worth approximately $21 million, including 17 properties, bank accounts, and vehicles across Queensland and New South Wales.

While the investigation was centred on south-east Queensland, authorities also monitored cash “dead drops” in multiple cities around Australia.

Investigators assert that the intricate money laundering scheme was mainly executed through the armored transport section of a security firm, reportedly converting $190 million in cash to cryptocurrency.

While inquiries into the source of this $190 million are ongoing, the focus of the charges relates to the alleged laundering of over $10 million.

Among those charged is a 32-year-old Heathwood man, who police allege was a major client of the operation, washing $9.5 million in 15 months.

He was charged on Thursday with money laundering and failing to provide a mobile phone password, and has been remanded in custody.

He is scheduled to appear in Brisbane Magistrates’ Court today.

The director, 48, and general manager, 35, of the Gold Coast-based security company, both from Maudsland, were charged on Friday with money laundering offences.

They were granted watchhouse bail and are due to appear in Southport Magistrates Court on July 21.

A 58-year-old West End man was also charged on Friday with two money laundering offences.

He allegedly funnelled laundered money through a business account, before sending it to an account controlled by the Heathwood man.

He was granted watchhouse bail and is set to face Brisbane Magistrates Court on August 1.

How the alleged scheme operated

The Queensland Joint Organised Crime Taskforce alleges the security company utilised a complex web of bank accounts, businesses, couriers, and cryptocurrency accounts to obscure the origins of illicit funds over an 18-month period.

It’s further alleged the company mixed legitimate business cash with criminal proceeds and channelled money through various entities, including a sales promotion company and a classic car dealership, before paying out beneficiaries in cryptocurrency or via third-party companies.

The Heathwood man allegedly controlled the sales promotion company, receiving substantial funds, and is accused of using his wife as a “straw director” to distance himself from the scheme.

Similarly, the West End man’s classic car dealership allegedly received millions from the security company, with multiple bank accounts used to conceal the money’s source.

Authorities also claim the security company facilitated the movement of millions of dollars in illicit cash from other states into south-east Queensland for laundering.

This cash was allegedly left at “dead drop” locations nationwide, collected by couriers, flown to Queensland as domestic cargo, and then retrieved by the security company’s couriers.

During last week’s search warrants, investigators seized crypto wallets containing approximately $170,000 in cryptocurrency, $30,000 cash, encrypted devices, and extensive business records.

AFP Detective Superintendent Adrian Telfer said money laundering undermined Australia’s national security, the economy and social security system.

“This plot was elaborate and calculated, and it demonstrates the lengths criminals will go to make money,” he stated, highlighting the challenging nature of these investigations and the crucial role of inter-agency cooperation.

Queensland Police Detective Acting Superintendent David Briese reiterated that money laundering is not a victimless crime, fueling organised crime and harming communities.

ABF Acting Commander Troy Sokoloff delivered a stern warning, stating that “all branches of law enforcement can and will work together to bring such crimes to justice.”

Investigations remain ongoing, and further arrests have not been ruled out.