Ferrari 458 worth $600,000 seized by police in Sydney, NSW over $5.5million cryptocurrency scam

• Two men arrested over alleged cryptocurrency scam
• Millions of dollars worth of luxury goods seized 

Luxury cars, Ducati motorcycles, designer watches and nunchucks are among a haul of goods seized by detectives investigating a multi-million dollar crypto scam.

Two men have been charged following sweeping raids across Sydney as part of a four-month investigation into the defrauding of two companies out of $5.5million.

About $2.7million worth of vehicles were seized, including a $600,000 bright red Ferrari 458.

Dramatic footage shows officers busting down the doors of properties at Cromer, in the city’s north, about 8pm last Friday as cops searched a home and warehouse.

Inside the warehouse, officers found a collection of extravagant vehicles stacked in racks lining the walls, including six luxury and classic cars and 11 motorcycles.

Officers also found seven luxury watches, nunchucks, and cryptocurrency wallets at the sites. 

Moments before the raids, detectives pulled over and arrested a 39-year-old man as he drove a silver Audi along Orlando Road, in Cromer. 

He was taken Manly Police Station where he was charged with three counts each of fraud and proceeds of crime offences.

He was remanded in custody to appear at Parramatta Local Court on Saturday, where he was formally refused bail. 

Following the raids, detectives seized the Ferrari 458 from a car dealership at Marrickville, in Sydney’s inner west

A second man, 67, was arrested at Manly Police Station about 2pm on Wednesday and charged with dealing with the property of crime valued at more than $100,000. 

Police will allege in court that the younger man defrauded two companies using a cryptocurrency scam, whilst the older man authorised funds and arranged the disposal of the Ferrari on behalf of the younger man to avoid police detection.

The arrests come after Strike Force Scotland was launched by Financial Crimes Squad detectives in March to investigate the alleged scam dating back to 2021. 

State Crime Command’s financial crimes squad commander Detective Superintendent Gordon Arbinja said the investigation was a timely reminder for people to exercise due diligence when buying or selling cryptocurrency.

‘Cryptocurrency isn’t illegal, but it is imperative that it’s handled responsibly to avoid being scammed,’ he said.

‘When buying or selling crypto, make sure you use a digital currency exchange that is approved by AUSTRAC and always scrutinise all the details.

‘If you think you’ve been the victim of a scam, contact ScamWatch and your local police immediately.’

The 39-year-old man is due to appear in Downing Centre Local Court on August 24 . 

The 67-year-old was granted conditional bail to appear at Manly Local Court on September 6.