Bitcoin, a beachside mansion and a Mercedes Benz: QLD man forfeits more than $4.5 million in assets as suspected proceeds of crime

The AFP-led Felony Assets Confiscation Taskforce (CACT) has secured the forfeiture of more than $4.5 million value of assets, together with a Queensland waterfront mansion, luxurious automobile and Bitcoin, after figuring out them as suspected proceeds of crime. 

The District Court docket of Queensland final month (April, 2025) ordered the assets be forfeited to the Commonwealth below the Proceeds of Crime Act (Cth), following the decision of Operation Gouldian, an investigation into stolen cryptocurrency and cyber hacking. 

A CACT investigation started in September, 2018, after AUSTRAC was contacted by legislation enforcement companions in Luxembourg relating to suspicious Bitcoin transactions, linked to a Queensland man beforehand convicted of hacking a gaming firm in america. 

The investigation recognized suspected hyperlinks between the man and the theft of 950 Bitcoin from a French cryptocurrency trade in 2013. 

No legal prices eventuated; nevertheless, the Commonwealth’s proceeds of crime legal guidelines enable the CACT to restrain suspected proceeds of crime, regardless of whether or not there’s a associated legal prosecution. 

In July, 2023, previous to the execution of AFP search warrants on the waterfront dwelling in Beachmere, Queensland, the CACT obtained restraining orders over the house, a 2019 black Mercedes Benz sedan and 24.99454224 Bitcoin, on the idea it was cheap to suspect they had been the proceeds of crime, noting they weren’t commensurate with identifiable reliable earnings. 

In April, 2025, the CACT efficiently utilized to the courtroom to have the assets forfeited.  

The present estimated worth of the assets is more than $4.5 million and income from their future sale might be deposited to a particular objective fund that helps crime prevention and legislation enforcement-related measures. 

AFP Commander Jason Kennedy stated the AFP and its companions remained dedicated to a key technique of focusing on and confiscating the alleged proceeds of crime to disrupt criminals, together with these concerned in cybercrime. 

“The Proceeds of Crime Act offers legislation enforcement businesses with distinctive powers to restrain and forfeit devices and proceeds of crime,” Commander Kennedy stated. 

“Criminals are pushed by greed on the expense of sincere Australians and companies who’re dropping their hard-earned cash to cyber criminals. 

“The earnings derived from legal actions are additionally usually used to fund additional legal acts, which is why the AFP works intently with our companions in the CACT to focus on the proceeds of crime and guarantee they’re re-invested in the neighborhood.” 

Since July 2019, the CACT has restrained more than $1.2 billion in legal assets, together with homes, vehicles, yachts, cryptocurrency, nice artwork and luxurious items.  

The CACT – which brings collectively the sources and experience of the AFP, Australian Border Power, Australian Taxation Workplace, Australian Felony Intelligence Fee (ACIC) and AUSTRAC – was completely established in 2012 as a proactive and progressive strategy to hint, restrain and finally confiscate legal assets. 

The extremely expert members of CACT are positioned Australia-wide and comprise police, monetary investigators, forensic accountants, litigation attorneys and accomplice company specialists. 

The Commonwealth’s proceeds of crime legal guidelines present in depth instruments for the restraint and forfeiture of proceeds and devices of crime, as nicely as monetary penalty and unexplained wealth orders, primarily based on a civil customary of proof.  Whereas the CACT litigates issues in the courts, restrained assets are managed on behalf of the Commonwealth by the Australian Monetary Safety Authority (AFSA).  

On the conclusion of profitable authorized proceedings, confiscated assets are then liquidated by AFSA, with the proceeds positioned in the Commonwealth Confiscated Assets Account (CAA). These funds can then be distributed by the Legal professional-Common to profit the neighborhood by way of crime prevention, intervention or diversion packages regarding the unlawful use of medicine or different legislation enforcement initiatives throughout Australia.