Australian police have charged a man with a $3.5 million cryptocurrency investment scam, with many of the victims being elderly.

PANews reported on February 23 that, according to The Block, Australian police have charged a 42-year-old man with operating a cryptocurrency investment scam that defrauded more than 190 elderly and vulnerable individuals of a total of AU$5 million (approximately US$350 million). The man has been granted conditional bail and is scheduled to appear in Burwood Local Court on March 17.

According to a police statement, the cybercrime unit Strike Force Resaca executed search warrants in Strathfield and Cammeray on Friday morning, seizing electronic devices and documents related to the case. At the Strathfield residence, police arrested a 42-year-old suspect and charged him with “negligent handling of proceeds of crime” involving money laundering through an online platform. A second man, 36, was arrested in Cammeray and has been released pending further investigation.

The investigation revealed that, starting in November 2025, victims were contacted through social media by individuals posing as investment advisors. They were then guided to deposit funds into a cryptocurrency exchange platform called "NEXOpayment." The victims believed they were purchasing cryptocurrencies, stocks, or other legitimate investment products, but their funds were actually transferred multiple times to different cryptocurrency wallets and exchanges, exhibiting a typical money laundering pattern.