A Sydney man has been linked to the seizure of a $500,000 Ferrari in an alleged $5.5m cryptocurrency scam bust.
Two men have been charged after a cryptocurrency scam which allegedly defrauded two companies of more than $5.5 million.
George Markos, 67, of Queenscliff, is facing three charges linked to the alleged fraud scheme, dating back to 2021.
Police investigating the alleged scam seized luxury and classic cars, including a $500,000 Ferrari.
Mr Markos faced Manly Local Court on Wednesday charged with one count of deal with the property proceeds of crime greater than $100,000.
He also faced two counts of recklessly deal with proceeds of crime greater than $5000.
Financial Crimes Squad detectives charged two men after an investigation into a cryptocurrency scam which allegedly defrauded two companies of more than $5.5 million. A Ferrari valued at $500,000 was seized by police. Picture: NSW Police
No pleas have been entered. The court heard that the charges have been referred to the Office of the NSW Director of Public Prosecutions.
Mr Markos was arrested in June after police from the State Crime Command’s Financial Crimes Squad established Strike Force Scotland to investigate allegations the companies had been defrauded of more than $5.5 million via a cryptocurrency scam.
In a media statement released by NSW Police in June, police stated that they stopped a car in Cromer just before 7.45pm on Friday, June 16, where they arrested its 39-year-old male driver.
Police searxhed a home and warehouse in Cromer, where they seized six luxury and classic cars, as well as 11 motorcycles, seven luxury watches, nun chucks, cryptocurrency wallets and documentation relevant to their investigation. Picture: NSW Police
Shortly after, police executed three search warrants at a home and warehouse at Cromer.
During the search warrants, detectives seized six luxury and classic cars, 11 motorcycles, seven luxury watches, nunchucks, cryptocurrency wallets and documentation relevant to their investigation.
The 39-year-old driver was charged with three counts each of dishonestly obtain financial advantage by deception, and knowingly deal with proceeds of crime intent to conceal.
A warehouse in Cromer searched by police. Picture: NSW Police
After further inquiries, police located and seized the red Ferrari at a car dealership in Marrickville on June 17.
Police stated that the total combined value of all the vehicles seized was estimated to be about $2.7 million.
On Wednesday, June 20, detectives arrested and charged Mr Markos at Manly Police Station.
In documents tendered to court police alleged that between July 15, 2021 and June 19 this year, at Queenscliff, Mr Markos “did deal with property, the Ferrari, valued at $500,000, and that there are reasonable grounds to suspect it is the proceeds of crime”.
George Markos, 67, of Queenscliff, leaving Manly Local Court on Wednesday. Picture: Manly Daily
It was also alleged in the documents that between October 27, 2021 and November 2, 2021, he “did deal with the proceeds of crime, $427,565.27, being reckless as to whether it was proceeds of crime”.
Police further alleged that between September 3 and 7, 2021 he “did deal with proceeds of crime, to wit, $650,000, being reckless as to whether it was proceeds of crime”.
Mr Markos’ bail was continued to appear again in Manly Court on September 21.
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