Man charged over alleged $3 million money fraud scam

Strike Force Downstream has been looking into a criminal syndicate allegedly involved in moving about $3 million of fraudulent money by purchasing untraceable commodities such as gold bullion and jewellery.

Detectives identified some of the fraudulent funds being moved by the group were alleged to be proceeds of business email compromises (BEC) – which is when an offender gains access to a corporate email account to impersonate the real owner and defraud the company, its customers, partners and employees.

Five people had previously been charged for their alleged roles in the fraud. All five remain before the courts.

On Thursday, June 13, police executed a search warrant on a Greenacre home.

During the search detectives seized multiple phones, other electronic devices and prohibited drugs.

Detectives arrested a 44-year-old man at the scene.

He was charged with dealing with the proceeds of crime, contributing to criminal group activity, and drug possession.

He was granted strict conditional bail to appear in court today.

Commander of State Crime Command’s Cybercrime Squad Detective Superintendent Matthew Craft said this is a reminder that the public needs to remain vigilant with their online safety.

“A lot of cyber criminals take advantage of vulnerable Australians who aren’t familiar with online safety,” Detective Superintendent Matthew Craft said.

“Activating two factor authentication on as many accounts and systems as possible may be the difference between becoming a victim of a scam and preventing one.”

He said all businesses should educate their staff on avoiding BEC scams.

“If you feel that something isn’t right, notify police. You may just help us stop more people being scammed,” he said.

The investigation continues.