NSW Police have charged three people over an alleged $600,000 business email compromise (BEC) scam operation, after detectives caught a young woman buying gold bullion mid-transaction at a Sydney CBD dealership.
The arrests on May 14 were the result of Strike Force Downstream, an ongoing investigation by State Crime Command’s Cybercrime Squad operating on referrals from the Joint Policing Cybercrime Coordination Centre (JPC3).
JPC3 analysts and industry partners became aware of the woman, aged 20, allegedly purchasing $100,000 worth of gold bullion on five separate occasions over a fortnight in May, as part of JPC3 Operation Dolos.
Operation Dolos has been active since 2020, involving JCP3, the Australian Federal Police (AFP) and industry partners, and is focused on tip-offs about scammers and criminal syndicates targeting Australia.
In the current case, a tip-off from National Australia Bank identified the funds used in the bullion purchases as suspected proceeds of a BEC scam.
Detectives and JPC3 members arrested the woman at the gold dealership about 2.30 pm and also detained two men, aged 36 and 29, who were with her.
The trio were not named by NSW Police.
A search of the group’s vehicle turned up $34,000 in cash and three mobile phones.
A subsequent search warrant executed at a Zetland apartment in Sydney with AFP assistance recovered a further three mobile phones and documentation.
Polices have charged the woman with recklessly dealing with proceeds of crime over $5000 and participating in a criminal group.
The 29-year-old faces two counts of dealing with proceeds of crime, a charge of dealing with identity information to commit an indictable offence, and participating in a criminal group.
Meanwhile, the 36-year-old faces charges of dealing with identity information to commit an indictable offence and participating in a criminal group.
All three were initially refused bail; however, the woman and the 36-year-old were granted conditional bail, while the younger man was refused bail.
Police said about $300,000 of the allegedly stolen funds has been recovered.
“The success of this investigation shows how effective we can be when agencies and industry partners operate side-by-side,” NSW cybercrime squad commander detective superintendent Matt Craft said.
AFP superintendent Marie Anderson said NAB’s timely information was crucial in helping police identify the alleged criminal activity, and to act quickly to disrupt it and place the people involved before the courts.
The three will appear in the Downing Centre Local Court on May 28.
