Australian police have charged a man with involvement in a $3.5 million cryptocurrency investment scam, with many victims being elderly

According to The Block, Australian police have charged a 42-year-old man with operating a cryptocurrency investment scam that defrauded over 190 elderly and vulnerable individuals of a total of 5 million AUD (approximately 35 million USD). The man has been granted conditional bail and is set to appear in Burwood Local Court on March 17.

According to a police statement, the cybercrime unit Strike Force Resaca executed search warrants in Strathfield and Cammeray on Friday morning, seizing electronic devices and documents related to the case. At the Strathfield residence, police arrested the 42-year-old suspect and charged him with "dealing with the proceeds of crime," involving money laundering through an online platform. A second man, aged 36, was arrested in Cammeray and has been released pending further investigation.

The investigation revealed that since November 2025, victims were contacted via social media by individuals claiming to be investment advisors, who guided them to deposit funds into a digital currency trading platform called "NEXOpayment." Victims believed they were purchasing cryptocurrencies, stocks, or other legitimate investment products, but the funds were actually transferred multiple times into different crypto wallets and exchanges, displaying a typical money laundering pattern.