- Australian police bust $123M crypto ring after 18-month-long investigation.
- Raids across Queensland uncover money laundering through fake business operations.
- Police seized crypto, cash, and devices; suspects face life in prison.
Australian authorities have dismantled a large-scale money laundering network operating in Queensland. The group is accused of laundering over $123 million in illicit cash by converting it into cryptocurrency. This major crackdown was the result of an 18-month investigation.
Police Raid 14 Places in Crypto Money Case
To begin with, on June 5 and 6, 2025, the AFP, along with the QJOCTF, carried out 14 planned raids. These activities happened in Brisbane and the Gold Coast. There were more than 70 officers involved from different organizations, such as AUSTRAC, the Australian Border Force, and the Australian Taxation Office.
The company started the investigation in December 2023. Authorities started keeping an eye on big financial transactions. Heathwood suspected Timothy Senior was the main suspect in the investigation. It’s said that he managed to launder $9.5 million in just 15 months illegally. On June 5, prosecutors arrested him and accused him of money laundering. The authorities accused him of not sharing the password for his mobile phone as well. He is still in custody and needs to appear in Brisbane Magistrates’ Court today.
Additionally, police charged a man and a woman who live in Maudsland on the Gold Coast. The director and general manager of the security company were both a 48-year-old man and a 35-year-old woman. It was said that the company worked as a cover to send $190 million in cash into the cryptocurrency market. Each of them obtained bail and will show up in court on July 21.
West End’s 58-year-old resident was also among those charged. He has been accused of using different companies to move laundered money that hides its origin. It is scheduled that he will be in court on August 1.
In addition, it appears that the security company funded its operations by mixing its activities with bank accounts, sham businesses, and cryptocurrency transactions. It is said that they combined illegal money with the cash they made through their businesses.
Police Found Crypto, Cash, and Devices
Meanwhile, investigators claim the company routed money through a sales promotion firm and a classic car dealership. This money was handled by the suspects and put through the businesses to make the profits look legitimate. After this, the money was then distributed to others using cryptocurrency or various business methods.
It is said that he listed his wife as director to hide the fact that he controlled the firm from behind the scenes. At the same time, Portland’s West End crime boss reportedly transferred the cash to several bank accounts to help it disappear. It is said that his business got $6.4 million from the funds laundered by the group.
It is reported by the police that the security company transferred criminal cash from different states to Queensland by using flights and couriers. The money was gathered from secret “dead drop” sites and shipped later by cargo to Southeast Queensland.
During the raids, the officers found and seized $170,000 in crypto assets, $30,000 in cash, encrypted gadgets, and vital business records.
There are serious consequences for these crimes. The maximum sentence for the Maudsland man is 15 years in jail. On the other hand, the wife of this man could get sentenced to life in prison for her part in laundering money worth over $10 million.
Lastly, blockchain has advantages for finance, but at the same time, its openness can be exploited by criminals. It is increasingly necessary for different agencies to work together in preventing financial crime.
