Criminal Syndicate Allegedly Laundered $1M in Damaged Australian Coins through Sydney ATMs
Two suspects, Xin Hu and Sigia Wang, have been apprehended and charged in connection with an elaborate case of money laundering involving more than $1 million in damaged Australian coins. This criminal syndicate allegedly utilized smart ATMs across Sydney to deposit the coins into multiple bank accounts before sending the funds offshore. It is believed that the coins were initially concealed as belt buckles and brought into Australia in a shipment intercepted by Border Force agents in June. The authorities discovered further consignments this week, prompting them to execute search warrants in businesses located in the Sydney city center and a residence in Strathfield.
The charges leveled against Xin Hu and Sigia Wang include recklessly dealing with the proceeds of crime. The Organised Crime Squad commander, Peter Faux, emphasized the extensive measures taken by the group to complicate their detection, such as utilizing different ATMs and depositing varying amounts of cash daily. Faux also highlighted the impact of offshore syndicates on Australia’s financial system, stating that their sole objective is to obtain power and control through fraudulent means.
The laundered coins were reportedly no longer considered legal tender as they had been taken out of circulation due to their damaged condition. While this incident sheds light on the sophisticated tactics employed by criminal organizations, it also underscores the concerning issue of attempts to infiltrate and exploit Australia’s financial infrastructure.
Hu and Wang appeared in court and were refused bail. They are scheduled to appear at separate local courts on Thursday.
This news of a criminal syndicate laundering $1 million in damaged Australian coins through Sydney ATMs serves as a chilling reminder of the lengths some groups will go to exploit financial systems for their gain. The use of smart ATMs and the elaborate measures taken by the syndicate to avoid detection highlight the ever-evolving nature of criminal activity. As authorities investigate further, it is crucial to remain vigilant against such activities and bolster efforts to protect the integrity of financial systems.
