Seven persons have been accused by Australian police with aiding a Chinese criminal organization in the money laundering of hundreds of millions of dollars.
The US Department of Homeland Security and other Australian agencies were engaged in the 14-month investigation that resulted in the arrests, according to police on Thursday.
They claimed it to be the most intricate money laundering probe in the annals of the country.
According to police, the Long River money laundering network was covertly operating the Changjiang Currency Exchange, an Australian money transfer chain with twelve locations.
According to them, the network lawfully moved billions of dollars from loyal clients, but during the previous three years, 229 million Australian dollars ($144 million) in illicit profits from crimes were laundered behind those transactions.
They said that during Sydney’s COVID-19 lockdowns, they started to have doubts about the firm.
Assistant Commissioner Stephen Dametto of the Australian Federal Police stated, “Although most of Sydney was a ghost town, alarm bells went off among our money laundering investigators when they noticed Changjiang Currency Exchange opened and updated new and existing shopfronts in the heart of Sydney.”
“It didn’t feel right—it was just a gut feeling,” Dametto said in a statement. “As many foreign visitors and students had left, there didn’t seem to be much of a business reason for Changjiang Currency Exchange to grow.”
Wednesday, more than 300 cops carried out 20 searches around the nation, seizing expensive cars and properties valued at tens of millions of dollars.
On Thursday, the trio of Australian citizens and the four Chinese nationals appeared in court for the first time.
“They are accused of leading an opulent lifestyle, dining at some of Australia’s most opulent restaurants, indulging in wine and sake valued at tens of thousands of dollars, traveling in private jets, owning cars valued at 400,000 Australian dollars, and residing in lavish homes, one of which is valued at over 10 million Australian dollars,” Dametto stated.
According to police, the syndicate taught its criminal clients how to fabricate bank statements and invoices for their businesses.
They said that violent crimes, the trafficking of illegal commodities, and internet frauds were some of the sources of the money that was laundered.
According to Dametto, the syndicate had even spent 200,000 Australian dollars ($126,000) on fictitious passports in case any of its members had to leave the nation.
According to Dametto’s statement, “This alleged syndicate was operating in plain sight with shiny shopfronts across the country—it was not operating in the shadows like other money laundering organizations,” which is why the investigation was so special and intricate.