Australian Cybercrime Squad Charges Man in $3.5 Million Crypto Scam

Australian detectives have dismantled a major investment scam that defrauded over 190 elderly and vulnerable victims of $3.5 million.

Australian Cybercrime Squad detectives have charged a man following an investigation into a large-scale investment scam that defrauded more than 190 elderly and vulnerable residents of $3.5 million. The Cybercrime Squad established the Strike Force Resaca in February 2026 to investigate the involvement of two men in the scam, which had been active since November 2025.

Following extensive inquiries, detectives executed search warrants starting at 7:30 a.m. Feb. 20 at homes in two Sydney suburbs, Strathfield and Cammera, as well as a business in Burwood. Police seized electronics and documentation relevant to the investigation.

At the Strathfield address, a 42-year-old man was arrested and taken to Auburn Police Station. He was charged with recklessly dealing with proceeds of crime exceeding $3,500, relating to the laundering of funds through Nexopayment. The man was granted conditional bail and is scheduled to appear in court on March 17.

In Cammeray, a 36-year-old man was arrested and taken to Chatswood Police Station before being released pending further inquiries.

Detective Acting Superintendent Jason Smith, commander of the Cybercrime Squad, said investment scams remain the highest loss category of cybercrime in Australia, costing the community hundreds of millions of dollars annually.

“These criminals are highly organized, sophisticated, and relentless in their targeting,” Smith said. “They create urgency, pressure people to transfer funds quickly, and play on a fear of missing out. That pressure alone should be a major red flag.”