A police raid has led to the finding of around $750,000 in cash and a man has been arrested for allegedly laundering more than $123 million.
Taskforce Avarus was established to crackdown on criminal networks money laundering in Australia, and involved the AFP, the Australian Border Force, the Australian Criminal Intelligence Commission, and the Australian Transaction Reports and Analysis Centre.
Under the taskforce, in February, 2026, an investigation was launched into a network which the AFP alleges offered money laundering services to organised crime syndicates.
They allege the money from criminal activity was converted into cryptocurrency or transferred offshore using shell companies.
On Wednesday, police conducted searches at two Sydney homes, in Strathfield and Burwood.
Investigators seized around $750,000 in cash, which was found in two grocery bags; multiple luxury handbags and watches; a cash counting machine; and electronic devices.
The AFP alleges a 40-year-old man controlled shell company bank accounts used to transfer millions of dollars in proceeds of crime, which were converted into cryptocurrency or sent overseas.
The man was arrested and charged with one count of recklessly dealing with proceeds of crime worth $10 million or more, and one count of recklessly dealing with proceeds of crime worth $100,000 or more.
He is facing a maximum penalty of 25 years’ imprisonment.
AFP Detective Superintendent Peter Fogarty said the arrest should serve as a warning to anyone involved in organised crime.
“Organised crime groups rely on money laundering networks to conceal their profits, move funds across borders and reinvest in further criminal activity,” he said.
“The AFP will allege this network used sophisticated financial structures, including shell companies, cryptocurrency and offshore transfers, to disguise the source and movement of criminal proceeds.”
The 40-year-old was refused bail to appear in court on Wednesday.