Luxury cars seized in Sydney in raid over alleged $5.5m crypto scam

Two men have been charged after police seized millions of dollars worth of luxury cars, watches and other items from an alleged Cryptocurrency scam.

The men, aged 39 and 67, were arrested in Sydney after two companies were defrauded of more than $5.5 million since 2021.

Officers raided a warehouse at Cromer on Sydney’s northern beaches on Friday and seized six luxury cars, 11 motorcycles, seven designer watches, nun chucks, Cryptocurrency wallets and relevant documents.

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Police say the younger man defrauded the companies, while the older man helped authorise the funds and later tried to dispose of a $600,000 red Ferrari on behalf of the younger man to help avoid police detection.

Before last week’s raid, police had arrested the 39-year-old during a traffic stop.

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