Sydney Man Arrested For Laundering Cash Into Crypto

A man who – according to police sources – is the head of a profitable multi-million dollar crime syndicate focusing on money laundering has been arrested in Sydney’s inner west area.

His car allegedly contained $1 million in cash when he was stopped by police.

Under Supervision For Months

Police sources have stated they were on the man’s trail since October 2020.

The man arrested – a 30-year-old by the name of Yi Zhong – was stopped by police at around 5:30 AM on Monday and taken to Auburn police station.

The police reportedly found and seized 2 bags containing $1 million in cash – and then proceeded to search a home, presumably his, in Wentworth Point. Over a kilo of methylamphetamine, cocaine, a laptop, several hard drives, and USB sticks, as well as mobile phones, were seized to help in the investigation.

In a press statement, the police stated that they will be pressing charges against the man, accusing him of multiple crimes – chief among them being the direction of a criminal syndicate that laundered a total of $5,479,300 into bitcoin following his orders.

“Police will allege in court the man directed a criminal syndicate to launder money by converting cash into bitcoin on his behalf, totalling $5,479,300.”

In total, Mr. Zhong will be charged with 24 offences – out of which 19 are for “knowingly dealing with the proceeds of crime, knowingly directing activities of a criminal group and drug-related offences.” He is due to appear in court on the 19^th of April and has already been denied bail.

Detective Superintendent Matt Craft stated that the gang seemed to have operated as money-launderers-for-hire – and that a series of consequent arrests are probably on the horizon.