Ferrari 458 worth $600,000 seized by police in Sydney, NSW, over $5.5million cryptocurrency scam
Warehouse full of luxury cars and motorcycles raided as police seize $600,000 Ferrari 458 for ‘$5.5 million crypto scam’
- Two men arrested for alleged cryptocurrency scam
- Millions of dollars worth of luxury goods seized
Luxury cars, Ducati motorcycles, designer watches and nunchucks are among the goods seized by detectives investigating a multi-million dollar crypto scam.
Two men have been charged following sweeping raids in Sydney as part of a four-month investigation into $5.5 million defrauding two companies.
Approximately $2.7 million worth of vehicles were seized, including a $600,000 bright red Ferrari 458.
Dramatic footage shows officers kicking down the doors of properties in Cromer, in the north of the city, around 8pm last Friday as police searched a house and warehouse.
Inside the warehouse, officers found a collection of extravagant vehicles stacked in racks along the walls, including six luxury and classic cars and eleven motorcycles.
Strike Force Scotland detectives raided a warehouse (pictured) and house in Cromer, northern Sydney, last Friday
Police seized about $2.7 million worth of luxury cars, including the red Ferrari above
The luxury vehicle was found and seized from a dealership in Marrickville
Officers also found seven luxury watches, nunchucks and cryptocurrency wallets at the locations.
Moments before the raids, detectives stopped and arrested a 39-year-old man driving a silver Audi down Orlando Road, in Cromer.
He was taken to Manly Police Station where he was charged with three charges, each of fraud and proceeds of crime.
He was remanded in custody to appear before Parramatta local court on Saturday, where he was formally denied bail.
Following the raids, detectives seized the Ferrari 458 from a car dealership in Marrickville, Sydney’s inner west.
A second man, 67, was arrested at about 2pm on Wednesday at Manly police station and charged with dealing with property in a felony worth more than $100,000.
Police will allege in court that the younger man defrauded two companies using a cryptocurrency scam, while the older man authorized funds and arranged the removal of the Ferrari on behalf of the younger man to avoid detection by police. prevent.
A 39-year-old man driving a silver Audi was arrested moments earlier and charged with fraud
The photo shows how the police entered the warehouse in Cromer last Friday
The arrests come after Strike Force Scotland was launched in March by detectives from the Financial Crimes Squad to investigate the alleged 2021 scam.
The commander of the State Crime Command’s financial crimes division, Detective Gordon Arbinja, said the investigation was a timely reminder for people to exercise due diligence when buying or selling cryptocurrency.
“Cryptocurrency is not illegal, but it is imperative that it be handled responsibly to avoid being scammed,” he said.
“When buying or selling crypto, make sure you use a digital currency exchange approved by AUSTRAC and always check all the details.
“If you believe you have been a victim of a scam, please contact ScamWatch and your local law enforcement immediately.”
The 39-year-old man is due to appear in Downing Center local court on August 24.
The 67-year-old was granted conditional bail to appear in Manly local court on September 6.
Among the items seized were Ducati motorcycles