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Auckland man faces 30 charges of money laundering involving crypto

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TL;DR

  • A 40-year-old man from New Zealand has been charged for money laundering involving cryptocurrencies.
  • He laundered millions of dollars via expensive items, including cars.

Bad actors have been resorting to using digital currencies as another means to launder large amounts of money without getting caught. Eventually, law enforcement agencies could still track and arrest them at a due time. A report published today has informed the arrest of an Auckland man who’s been involved in laundering large amounts of money, some of which were facilitated through cryptocurrency.

Auckland man bags 30 charges for money laundering

As NZHeralds reported on Thursday, the defendant was granted an interim name suppression yesterday, so his details remain unknown. Aged 40, the Auckland man was reportedly presented with 30 different charges, all of which pointed towards his role in money laundering. The court documents held that the defendant laundered over $2 million throughout the time he engaged in the act.

The defendant also helped other people to launder funds, as he received thousands of dollars to buy cryptocurrency. One of the charges read that the Auckland man also received an undisclosed amount of money from an individual earlier this year as part of money laundering transactions. Also, he laundered most of the funds by buying expensive cars such as Lamborghini ($421,000) and Black Mercedes G63 ($288,888).

NZ authorities crackdown on money laundering

In addition to buying luxurious cars, the man equally spent the supposed ill-gotten funds by purchasing an East Auckland property worth more than $1.7 million. Per the report, he obtained over $1 million from a banking institution by deceit. Having charged him today, the man is expected to appear for the next court hearing by November. Besides, about five other persons were arrested and charged as well for money laundering. Authorities are seriously policing against cases of money laundering, irrespective of defaulters’ social status. In April, the US authorities arrested a Russian rapper for alleged involvement in crypto money laundering.

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Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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