$1 million Aussie coin scam uncovered by police - real coins involved?

A *LARGE* percentage of stamp collectors also collect various numismatic areas. This is YOUR little corner of the board to ask questions, seek advice, check values, and chat. Please join in!

Moderator: Volunteer Moderator Team

Post Reply
User avatar
Global Admin
The Sheriff
The Sheriff
Posts: 76912
Joined: 18 Apr 2007 22:57
Location: Tombstone, Oz

$1 million Aussie coin scam uncovered by police - real coins involved?

Post by Global Admin »

I can only assume the lazy sods at Reserve Bank sells them as scrap metal offshore?


$1 million Aussie coin scam uncovered by police

Packages of damaged coins were allegedly imported into Sydney and then laundered through ATMs.

The alleged money-laundering scheme involved damaged $1 and $2 coins. (Source: NSW Police Force)

Two people have been charged over an alleged $1 million money-laundering scheme involving damaged Aussie coins.

Police allege the 36-year-old man and 37-year-old woman were part of a joint criminal syndicate who fraudulently obtained damaged $1 and $2 coins and imported them into Australia.

The syndicate allegedly laundered the coins through smart ATMs throughout Sydney, and deposited sums of money into several bank accounts before the proceeds were sent offshore.

“This syndicate attempted to avoid detection by going to various different ATMs in Sydney and depositing varying amounts of cash on a daily basis,” Organised Crime Squad Commander Detective Superintendent Peter Faux said.

“The alleged actions of this group demonstrate the elaborate ways offshore syndicates are attempting to infiltrate our country and extort our financial system.

“As we have said time and time again, these groups all chase one thing – money. They want the power and control which comes with it, and do not care who they defraud to get there.”

A number of packages arriving in Sydney, which were described as containing belt buckles, were found to contain damaged coins, police said.

Police then executed search warrants at businesses in Haymarket and the CBD, and a home in Strathfield, and seized a number of items, including several boxes of damaged coins.

Both people were charged with recklessly dealing with proceeds of general crime with intent to conceal, while the woman was also charged with one count of recklessly dealing with proceeds of crime more than $,5000.

The alleged scam is estimated to have netted more than $1 million since August 2022. The police believe the damaged coins were not counterfeit, but were not legal tender.
What happens to damaged coins?

When coins are damaged, they are taken out of circulation and are no longer viewed as legal tender in Australia.

According to the Royal Australian Mint, people with worn and damaged coins can deposit them with their bank for their full face value.

Mutilated coins - which include coins damaged in any industrial process, melted coins, coins attached to another object, drilled or punctured coins - cannot be redeemed for their face value.

People can deposit them at a bank and they will be forwarded to the Mint for processing. If accepted, the coins will pay a scrap value, but not the full face value.

https://au.finance.yahoo.com/news/1-million-aussie-coin-scam ... 14464.html
Click HERE to see superb RARE & unusual stamps - FIXED low nett prices, high rez pix + NO 20% buyer fees!
Post Reply

Return to “Coins, Banknotes, tokens, medals and all things NUMISMATIC!”

Who is online

Users browsing this forum: No registered users and 0 guests