Police Charge Man Over $5M Crypto Scam Targeting Elderly Australians

Detectives from the New South Wales (NSW) Police Cybercrime Squad have charged a 42-year-old man from Strathfield in connection with an alleged AUD $5 million cryptocurrency investment scam (approximately $3.5 million USD).

Authorities say the scheme targeted more than 190 elderly and vulnerable Australians. The investigation is being led by Strike Force Resaca, which was established in November 2025 to examine what police describe as an organized fraudulent network.

Alleged “Pig Butchering” Investment Scheme

According to NSW Police, the scam followed a classic “pig butchering” model, in which perpetrators gradually gain victims’ trust before encouraging them to invest increasing amounts of money.

Victims were reportedly contacted through social media platforms and persuaded to invest in cryptocurrency opportunities. They were then directed to a fraudulent online portal known as “NEXOpayment”, where they deposited funds.

Police allege that once the money was transferred, it was moved through multiple cryptocurrency wallets and international exchanges, a pattern commonly associated with money laundering techniques designed to obscure fund origins.

Raids, Charges, and Bail

On February 20, 2026, police executed search warrants at:

• Two residential properties in Strathfield and Cammeray
• A business premises in Burwood

Electronic devices and documents were seized during the raids.

A 42-year-old man was charged with recklessly dealing with the proceeds of crime. He was granted conditional bail and is scheduled to appear at Burwood Local Court on March 17, 2026.

A 36-year-old man was also arrested during the operation but was later released pending further inquiries.

Investment Scams Remain Top Cybercrime Loss Category

NSW Police have warned that investment scams continue to represent the highest financial loss category for cybercrime in Australia.

Authorities urge investors to:

• Verify that companies are properly registered in Australia
• Conduct independent due diligence before transferring funds
• Report suspected fraud through the official ReportCyber portal

The case highlights ongoing risks associated with cryptocurrency-related investment schemes, particularly those targeting vulnerable individuals through social engineering tactics.

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