NSW Police Charge Man Over $3.5M Crypto Scam Targeting Elderly - Crypto Economy

CryptoEconomy · 2026-02-23T18:54:26+00:00

The NSW Police's Cybercrime Squad charged a man in a crypto investment scam involving over 190 vulnerable Australians. Allegations include funds being laundered through a digital platform, with losses estimated at A$5 million. Investigations continue.

CryptoEconomy

2026-02-23 18:54:26

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New South Wales Police said that its Cybercrime Squad charged a 42-year-old man after investigating an alleged crypto investment scam under Strike Force Resaca, according to a police statement.

Police allege more than 190 elderly and vulnerable Australians were approached via social media and steered into depositing money through a digital currency exchange web portal called “NEXOpayment,” believing they were buying cryptocurrency, shares, or other legitimate products. Investigators say the funds were then redirected through multiple crypto wallets and exchanges in a pattern consistent with money laundering. Detectives executed search warrants on Feb. 20 at homes in Strathfield and Cammeray and a business in Burwood, seizing electronics and documents; a 36-year-old man was also arrested and later released pending further inquiries.

The accused was granted conditional bail and is due to appear in Burwood Local Court on March 17, 2026. NSW Police said the charge relates to dealing with proceeds of crime over $5,000, while separate reporting pegged the alleged losses at about $3.5 million (A$5 million). Stakeholders will watch for any further charges, asset-tracing outcomes, and updates on the second suspect.

Source: NSW Police Force.

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