Two individuals in Australia have been charged by authorities for their involvement in a cryptocurrency scam that defrauded two companies of $5.5 million. Law enforcement agencies have also seized several luxury vehicles, with a total value of $2.7 million, which includes a high-end Ferrari worth $600,000.
Ferrari Seized from Auto Dealer
Reports state that Australian authorities have pressed charges against two alleged masterminds behind a cryptocurrency scam that duped $5.5 million from two undisclosed companies. Fabio Sa Alves, one of the suspects, was apprehended on June 16 in Sydney. The following day, law enforcement officials confiscated six luxury and classic vehicles, eleven motorcycles, cryptocurrency wallets, and designer watches.
According to local sources, the seized luxury vehicles, valued at $2.7 million, included a Ferrari worth $600,000, which was taken from an auto dealer located in Marrickville. Australian law enforcement revealed that Alves exploited the cryptocurrency scam to pilfer funds from the two companies during 2021. His alleged accomplice, a 67-year-old individual whose identity remains undisclosed, is accused of authorizing the misappropriated funds and concealing the Ferrari.
Residents Advised to Use Approved Exchanges
Alves has been charged with three counts of “dishonestly obtaining financial advantage by deception” and attempting to conceal the stolen funds. His bail application was rejected by a court in Parramatta, and his next appearance is scheduled for August 24. However, the court in Manly granted bail to Alves’ accomplice.
Meanwhile, Detective Superintendent Gordon Arbinja, the Financial Crimes Squad Commander, advised residents who intend to invest in digital assets to only engage with approved cryptocurrency platforms.
“When buying or selling cryptocurrency, ensure that you use a digital currency exchange approved by AUSTRAC, and always exercise caution by scrutinizing all the details,” stated Arbinja, as per reports.
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Frequently Asked Questions (FAQs) about cryptocurrency scam
What are the charges against the individuals in the Australian cryptocurrency scam case?
The individuals involved in the Australian cryptocurrency scam case have been charged with three counts of “dishonestly obtaining financial advantage by deception” and attempting to conceal the stolen funds.
What was the total amount defrauded in the cryptocurrency scam?
The cryptocurrency scam defrauded two companies of $5.5 million in total.
What kind of vehicles were seized by law enforcement?
Law enforcement agencies seized luxury vehicles, including a high-end Ferrari worth $600,000, as part of the investigation into the cryptocurrency scam.
Are there any recommendations for residents regarding cryptocurrency investments?
Residents are advised to work with approved cryptocurrency platforms and digital currency exchanges approved by AUSTRAC. It is also recommended to scrutinize all the details when buying or selling cryptocurrency.
When is the next court appearance for one of the suspects?
The next court appearance for one of the suspects, Fabio Sa Alves, is scheduled for August 24.
Was bail granted to both suspects?
The bail application for Fabio Sa Alves was rejected, but his accomplice was granted bail by a court.
More about cryptocurrency scam
- Authorities charge two individuals in $5.5 million cryptocurrency fraud case
- Luxury vehicles seized in Australian crypto scam investigation
- Details of the cryptocurrency scam and arrests
- Information on the seized luxury vehicles, including the Ferrari
- Advice for residents on investing in digital assets