Australian launders retirement funds stolen through Hong Kong using crypto, diamonds
Australian Funds
Modified Date:- Published Date:-Categories: Cryptocurrency
Australian launders retirement funds stolen through Hong Kong using crypto, diamonds
A woman in Melbourne, Australia pleaded guilty on Wednesday to her role in stealing millions of dollars from retirement funds and stock portfolios before laundering proceeds through Hong Kong through purchases of cryptocurrency and diamonds.
- When Jasmine Vela-Arpasi was 21 years old, she committed identity theft and phishing to steal over AU$3 million (US$1.96 million) from 26 clients of Super Funds including Hesta, Host Plus and Rest Super and various stock trading platforms scam used.
- The stolen money was then transferred to a series of fraudulently obtained Westpac – one of Australia's four largest banks – debit cards that were then sent to a member of the syndicate in Hong Kong, who sought to launder the funds. Bought diamonds and jewellery. Vella-Arpaci, now 24, was then paid her share of the profits, worth AU$147,000, in Bitcoin.
- Australia's retirement plan was ranked the fifth largest in the world with a valuation of US$3.2 trillion in 2021, and as such, there is a lot of interest about whether the industry can start investing in the crypto market.
- Amid police investigations, Vela-Arpasi was found to have 1,400 documents such as passports, driving licenses, banks and Medicare (Australia's government-backed healthcare system) cards.
- Vella-Arpasi pleaded guilty to two charges of conspiracy to commit fraud and conspiracy to deal with the proceeds of the crime. He is out on bail till the hearing resumes on November 30.
A woman in Melbourne, Australia pleaded guilty to laundering millions of dollars from retirement funds and other investments through transactions using cryptocurrency and diamond purchases.