New South Wales cybercrime detectives arrested a 42-year-old man accused of defrauding around 190 people of roughly A$5 million through a social media driven investment scheme. Police allege funds were routed through fake payment portals and multiple cryptocurrency wallets and that money laundering techniques were used to move proceeds.

New South Wales cybercrime detectives detained a 42-year-old man in connection with an alleged social media driven investment scam that purportedly defrauded about 190 victims of approximately A$5 million. Investigators say the operation used polished promotional posts and messaging on social platforms to lure victims with promises of lucrative crypto returns, directing them to fake payment portals that mimicked legitimate exchanges and payment services. Once funds were sent, police allege the scheme moved assets through multiple cryptocurrency wallets and layered transactions to obfuscate origin and launder proceeds. A second person was briefly detained for questioning as detectives pursued electronic evidence and wallet traces. Authorities issued public warnings urging individuals to independently verify online investment opportunities, scrutinize payment URLs, and avoid transferring funds to unverified crypto wallets. The case underscores the use of cross-platform recruitment, fabricated third-party payment sites, and crypto infrastructure to facilitate large-scale fraud, prompting calls for enhanced platform takedown cooperation and faster information sharing between financial regulators, exchanges, and policing bodies.