Australian authorities have charged two men following an investigation into an alleged $5 million cryptocurrency investment scam that targeted victims across the country, including elderly and financially vulnerable individuals.
The case marks another step in Australia’s growing crackdown on crypto-related fraud.
Police Launch Strike Force Resaca
The New South Wales Police Force confirmed that detectives from its Cybercrime Squad established Strike Force Resaca to investigate reports of fraudulent online investment schemes.
Search warrants were executed at:
- A residence in Strathfield
- A property in Cammeray
- A business premises in Burwood
All locations are in Sydney.
Authorities allege the operation promoted fake cryptocurrency and high-return investment opportunities through social media advertisements and unsolicited messages.
How the Alleged Scam Worked
According to police, victims were directed to deposit funds into what appeared to be a legitimate trading platform called “NEXOpayment.”
However, investigators claim the funds were instead routed through multiple cryptocurrency wallets and exchanges in an attempt to obscure their movement.
Police allege:
- Victims were promised high returns
- Funds were transferred into controlled wallets
- Transactions were layered across platforms to conceal the trail
Investment scams remain one of the highest financial-loss cybercrime categories in Australia.
Arrests and Charges
A 42-year-old man was arrested at a Strathfield residence and taken to Auburn Police Station. He has been charged with recklessly dealing with proceeds of crime valued above $5,000.
He was granted conditional bail and is scheduled to appear at Burwood Local Court on March 17, 2026.
A second man, aged 36, was arrested at a Cammeray property and later released pending further investigation.
Authorities say inquiries are ongoing.
Authorities Warn Public About Rising Investment Scams
Law enforcement officials are urging anyone who believes they may have been targeted by an investment scam to contact authorities.
Officials reiterated that cryptocurrency scams frequently target:
- Elderly individuals
- First-time investors
- People seeking high-yield opportunities
They emphasized the importance of verifying platforms before transferring funds and remaining cautious of unsolicited investment offers.
Growing Focus on Crypto Fraud Enforcement
The case highlights increasing regulatory and law enforcement scrutiny of cryptocurrency-related fraud schemes.
As digital assets become more mainstream, authorities are dedicating more resources to tracking illicit activity across blockchain networks and exchange platforms.
The investigation remains active, and additional charges have not been ruled out.
