A Man from New Zealand Faces Several Money Laundering Charges
In the year 2020, the cryptocurrency industry has gained an enormous amount of adoption and growth. However, just a few years back, the situation was not as favorable for the industry as it has been since the last year. Back in 2018, the cryptocurrency industry had around 35 million unique/active users. However, the number grew from 35 million to 100 million in a matter of two years and the millions are constantly getting added up to the crypto-user base.
However, with adoption and investments growing in the cryptocurrency platform, the number of risks are also on the rise. On one hand, the year 2020 is considered the most profitable for the crypto-industry. On the other hand, the same year has been dubbed as the worst for crypto-frauds and massive hacks.
One of the major reasons leading up to such high figures in frauds, scams, and hacks is attributed to the pandemic. Due to the pandemic, many people who lost their jobs moved to this platform and made it their primary source of income.
Although the platform provided such people the opportunity to invest and make profits, it also ended up providing a safe-haven to criminals. The very (decentralized) nature of the platform has become a hub for criminals and corrupt politicians where they carry out their foul acts.
Therefore, in order to tackle this situation, many countries have started paying very close attention to the cryptocurrency industry.
Recently, a similar case emerged from New Zealand where the NZ authorities charged a 40-year-old man from Auckland with money-laundering.
As per sources, the alleged has been trialed at the Auckland District Court and has been granted interim anonymity. It has been reported that the alleged is facing a total of 30-charges from the NZ authorities.
It has been reported that the man had been receiving thousands of NZD from unknown sources. The alleged has been accused of converting these funds into cryptocurrencies with the aim to launder them.
Another major allegation against the alleged is that he was responsible for purchasing high-end luxury cars. These vehicles were also bought with the intention to launder funds. Some of the most prominent high-end vehicle purchases include Mercedes G63 and Lamborghini. It was also revealed that the Mercedes G63 was priced at NZ$288,888 and Lamborghini was priced at NZ$421,000.
Furthermore, it has also been claimed that the alleged purchased a property in East Auckland worth NZ$1.7 million, which was also bought for laundering purposes.
In addition to the above, the person has been alleged for acquiring millions of dollars from NZ banks by using a fake identity.
It has been revealed by the NZ authorities that the person was caught in response to the operation that is initiated and dubbed “Operation Brookings”.