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Aussie Crypto Scammers Charged in $5.5 Million Fraud Case, $600K Ferrari Among Seized Luxury Vehicles

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Aussie Crypto Scammers Charged in $5.5 Million Fraud Case, $600K Ferrari Among Seized Luxury Vehicles

Authorities in Australia have charged two individuals accused of operating a cryptocurrency scam that defrauded two companies of $5.5 million. Luxury vehicles worth $2.7 million including a $600,000 Ferrari have been seized by law enforcement.

Ferrari Seized From Car Dealer

Australian authorities have charged two alleged masterminds of a cryptocurrency scam that defrauded $5.5 million from two unnamed companies, a report has said. One of the men, Fabio Sa Alves, was arrested on June 16 in Sydney, and a day later, 6 luxury and classic vehicles, 11 motorcycles, cryptocurrency wallets, and designer watches were confiscated.

According to a local report, law enforcement agencies have seized luxury vehicles valued at $2.7 million, including a Ferrari worth $600,000 taken from a car dealer in Marrickville. Australian law enforcement said Alves used the crypto scam to steal from the two companies in 2021. His accomplice, an unnamed 67-year-old, is accused of authorizing the funds and hiding the Ferrari.

Residents Told to Deal With Approved Exchanges Only

For his actions, Alves has been charged with three counts of “dishonestly obtaining financial advantage by deception” and for attempting to conceal the stolen funds. A court in Parramatta has since rejected Alves’ bail application and his next appearance is set for Aug. 24. However, Alves’ accomplice was granted bail by a court in Manly.

Meanwhile, Gordon Arbinja, the Financial Crimes Squad Commander Detective Superintendent, told residents looking to invest in digital assets to work with approved crypto platforms.

“When buying or selling crypto, make sure you use a digital currency exchange that is approved by AUSTRAC and always scrutinise all the details,” Arbinja reportedly said.

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