Aussie Launders Stolen Pension Funds Through Hong Kong Using Cryptocurrencies, Diamonds

A Melbourne, Australia woman pleaded guilty on Wednesday to her role in stealing millions of dollars from super (retirement) funds and stock portfolios before laundering proceeds obtained through Hong Kong through the purchase of cryptocurrencies and diamonds, The Age reports.

Read more: South Korea Reportedly Freezes $40 Million worth of Do Kwon’s Crypto – Luna Founder Says Fund Isn’t His

Quick Info

  • When Jasmine Vella-Arpaci was 21, she used identity theft and fraud to appropriate over A$3 million (US$1.96 million) from 26 clients of super funds including HESTA , Hostplus and Rest Super, and of various stock trading platforms.
  • The stolen funds were then routed to a series of fraudulently obtained Westpac debit cards – one of Australia’s four largest banks – which were then mailed to a member of the organization. in Hong Kong, who bought diamonds and jewelry to launder money.
  • Vella-Arpaci, now 24, was later paid his share of the profits, worth A$147,000, in Bitcoin.
  • Australia’s superannuation scheme ranks as the fifth largest in the world in 2021 with a US$3.2 trillion valuation, and so there’s a lot of concern around whether the industry can catch up. invest in the cryptocurrency market or not.
  • While police investigated, Vella-Arpaci was discovered to have 1,400 documents such as passports, driver’s licenses, banks and Medicare cards (the Australian government-supported healthcare system).
  • Vella-Arpaci pleaded guilty to two counts of conspiracy to commit fraud and one count of conspiracy to handle the proceeds of crime. She remains on bail until the hearing resumes on November 30.

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