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Melbourne man sentenced to jail time and Recognisance Release Order for assisting in laundering the proceeds of cyber crime.
A 24-year-old Melbourne man has been sentenced for his role as a money mule, laundering the proceeds of a business email compromise scheme between June 2021 and May 2022.
The Australian Federal Police’s (AFP) Joint Policing Cybercrime Coordination Centre began an investigation into the money laundering scheme after an Australian bank warned the AFP of unusual financial activity in August 2022.
A total of $208,822 in criminal proceeds was deposited into the perpetrator’s bank accounts, which he then dispersed to several other accounts before transferring to another party. The man was found to have been paid $17,000 for his money muling activity.
The money was obtained from an Australian construction company that fell victim to a fraudulent email claiming to be from one of its suppliers.
The man was charged in July 2023 and pleaded guilty to one count of dealing with the proceeds of crime, money or property worth $100,000 or more, one count of possessing a drug of dependence, namely cocaine, and one count of possessing a drug of dependence, namely cannabis, on 28 November 2024.
“Australians are doing it tough, and deceitful activities that support cyber crime will not be tolerated by the AFP,” AFP Detective acting Superintendent Nuckhley Succar said in a statement.
“If you are moving funds to assist with money laundering, you should be aware that the AFP is working closely with financial institutions and other law enforcement and intelligence agencies to target you and your associates.
“In the 2023-2024 financial year, business email compromise and fraud were among the most common self-reported cyber crimes for small, medium and large businesses and individuals in Australia.
“Cyber criminals commonly target businesses and individuals that make significant or regular payments, in an attempt to divert funds to fraudulent accounts.
“It is crucial for people to double-check emails, particularly email addresses and banking details, to avoid becoming victims of BEC scams.”
David Hollingworth has been writing about technology for over 20 years, and has worked for a range of print and online titles in his career. He is enjoying getting to grips with cyber security, especially when it lets him talk about Lego.
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