PANews, February 23: According to The Block, Australian police have charged a 42-year-old man with operating a cryptocurrency investment scam that defrauded more than 190 elderly and vulnerable individuals of AUD 5 million (approximately USD 35 million). The man has been granted conditional bail and is scheduled to appear at the Burwood Local Court on March 17. According to police statements, 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. In Strathfield, police arrested the 42-year-old suspect and charged him with “failing to deal with proceeds of crime,” relating to money laundering via online platforms. A second man, aged 36, was arrested in Cammeray and has since been released pending further investigation. The investigation revealed that, beginning in November 2025, victims were contacted through social media by individuals posing as investment advisors and directed to deposit funds into a digital currency trading platform called “NEXOpayment.” Victims believed they were purchasing cryptocurrencies, stocks, or other legitimate investment products; however, the funds were repeatedly transferred to various cryptocurrency wallets and exchanges, exhibiting a classic money laundering pattern.
Australian police charge man in $3.5M crypto investment scam targeting seniors
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Summary
Australian authorities have charged a 42-year-old man in a cryptocurrency investment scam targeting seniors, under MiCA-like regulatory scrutiny. The scheme defrauded more than 190 elderly victims of A$5 million (approximately $3.5 million) through a fake platform called 'NEXOpayment.' The suspect, arrested in Strathfield, faces charges related to money laundering and counter-terrorist financing (CFT). A 36-year-old individual was also detained but later released. Funds were transferred across multiple wallets and exchanges, exhibiting a classic CFT evasion pattern. The case, which began in November 2025, is scheduled to go to court on March 17.
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