Australian officials have uncovered a crypto crime syndicate accused of laundering $123 million. This revelation follows an 18-month investigation involving the Australian Federal Police and other agencies, initiated in December 2023. The Queensland Joint Organized Crime Taskforce (QJOCTF) traced suspicious transactions linked to a sophisticated money laundering operation utilizing front businesses and cryptocurrencies. The laundering process involved three stages: placement, layering, and integration, aimed at disguising illicit funds as legitimate. The ringleader, a cash-in-transit security firm, used couriers to transport illegal money, which was then mixed with legitimate funds to avoid detection. The operation also involved a classic car dealership that obscured illegal earnings among genuine sales. In June 2025, authorities executed raids on 14 locations, seizing $170,000 in crypto assets and freezing $21 million in properties and funds. Four suspects, including the security firm's director and a car dealership owner, face serious charges, with ongoing investigations suggesting more arrests may follow. Read more AI-generated news on: https://app.chaingpt.org/news