Police make arrest in money laundering investigation, cryptocurrency seized at Townsville

Detectives from the Crime and Intelligence Command’s Major and Organised Crime Squad (MOCS) Northern Region arrested a 37-year-old Townsville man and seized $165,000 worth of crypto currency, as part of operation Sierra Avalanche, an investigation into alleged money laundering.

Detectives charged the man with five money laundering offences as a result of search warrants on his Garbutt residence and Townsville business address on April 13, where cryptocurrency and eight vials of steroids were located and seized.

He is due to re-appear at the Townsville Magistrates Court on October 6.

The operation commenced in August 2020 to investigate the alleged money laundering of $2.5 million worth of proceeds of crime in 2020 by the man.

As part of ongoing investigations, the man was issued a Notice to Appear today (April 28) for 12 drug-related offences.

Investigations are ongoing.

Risk Warning: Cryptocurrency is a unregulated virtual notoriously volatile asset with a high level of risk.  Any news, opinions, research, data, or other information contained within this website is provided for news reporting purposes as general market commentary and does not constitute investment or trading advice. 

/Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here.