Latest news with #financialcrime
ABC News
4 hours ago
- ABC News
Alleged ringleaders behind defrauding banks for luxury cars, homes and business loans face almost 200 charges
Two alleged scam ringleaders accused of defrauding banks by duping them into lending money for luxury cars, homes and businesses have had $38 million in assets seized. Police allege the two men, aged 38 and 34, were at the head of a syndicate that began by using stolen identification to apply for loans to purchase luxury "ghost cars" that did not exist. Detectives from the NSW Police Financial Crimes Squad claim the men then went beyond cars, using the same method to secure business and home loans from banks. The men have been charged with a combined 194 offences related to fraud, money laundering and weapons possession. The 38-year-old Barangaroo man is accused of committed $12 million worth of fraud while police accuse the 34-year-old Seaforth man of committing $4 million worth of fraud. Investigations began in January 2024 when police started looking into what they described as a "highly sophisticated" money laundering scheme. In total police have now charged eight people and seized $38 million in assets from across Sydney. Among the millions in assets seized by police on Wednesday were two Bentleys, a Ferrari 360 and luxury watches. It came after sweeping dawn raids across Barangaroo, Seaworth, North Ryde, Macquarie Park, Sylvania Waters, Camperdown, Mortdale, Haymarket, Martin Place and the CBD. Images provided by NSW Police show a treasure trove of watches worth hundreds of thousands of dollars among foreign currency seized on Wednesday. Vision showed the bikie-busting Raptor Squad storming a luxury Barangaroo property before leading the 38-year-old out in a sparkly Louis Vuitton jacket. The same video showed police towing away a red Bentley SUV from Barangaroo. Photos depict the showroom where police seized a Ferrari, a Bentley and a slew of high-end luxury vehicles. The pair have been denied bail and are due to appear in the Downing Centre and Manly local courts on Thursday.
Globe and Mail
20 hours ago
- Business
- Globe and Mail
If you fall for a scam, who should pick up the bill?
The Decibel Staff Irene Galea Alexandra Posadzki Financial and cybercrime reporter to view this content.
Malay Mail
2 days ago
- Business
- Malay Mail
Muar man loses nearly RM490,000 in online stock scam promising 500pc returns
MUAR, July 29 — An employee of a furniture factory here claimed to have lost RM488,740 after being duped by an online stock investment fraud syndicate. Muar police chief ACP Raiz Mukhliz Azman Aziz said the 46-year-old victim, in his report lodged yesterday, claimed that he came across an advertisement for an investment on social media in early May and clicked on a link. 'He was then contacted by an unknown individual via the WhatsApp application and instructed to download an application known as 'PHG PLUS' for investment purposes that promised a lucrative return of up to 50 per cent of the investment amount within a week and 500 per cent within six months. 'Lured by the sweet promise, the victim deposited a total of RM488,740 into six different accounts, involving 39 transactions, from May 21 to July 21, 2025,' he said in a statement today. Raiz Mukhliz said the victim realised he had been cheated when, upon attempting to withdraw what was claimed to be RM6 million, he was asked to make an additional payment of RM600,000 for supposed income tax purposes. 'Realising it was a scam, the victim lodged a police report, and the case is now being investigated under Section 420 of the Penal Code,' he said. — Bernama
CTV News
2 days ago
- CTV News
WRPS investigate frauds targeting elderly victims
Police included two images of a person they want to speak to in connection to their investigation. (Submitted/WRPS) Waterloo Regional Police are investigating a series of frauds believed to be targeting elderly residents. They said the victims were contacted by phone, by someone posing as a representative from a financial institution. The caller claimed the victim's debit or credit card had been cloned. Victims were then asked to put their banking cards in an envelope, which would be picked up by a 'driver.' Police said once the suspect got the cards, they were used to make unauthorized purchases and withdrawals. Police included two images of a person they want to speak to in connection to their investigation. Anyone with information is asked to contact police.
Yahoo
3 days ago
- Business
- Yahoo
Mosaic Insurance unveils new coverage for digital asset sector
Mosaic Insurance has introduced a new product suite targeting the digital asset market, combining cyber and financial institutions (FI) crime coverage to address the needs of this industry. The offering provides tailored protection for businesses navigating complex risks in a sector that has often faced limited insurance options, said Mosaic. Mosaic has partnered with Native, a specialist broker in digital assets, to support the launch. Through the Native Risk Collective, businesses that adopt approved vendors and services to enhance their risk profile can access improved coverage terms and more competitive premiums. The modular suite delivers stand-alone or integrated coverage for cyber, technology errors and omissions (E&O), and crime risks. It offers up to £/$/€10m in capacity for cyber and tech exposures and up to £/$/€5m for crime exposures, the insurer said. Mosaic cyber global head Brian Bonkoski said: 'Mosaic is bringing the first comprehensive Lloyd's A+-rated cyber, tech E&O and crime capacity to the digital asset space – it is a true differentiator, delivering a level of trust and financial strength that has been lacking in this space. 'With global regulatory licences and underwriting hubs in London, the US, Bermuda, Canada, Europe, Dubai, and Singapore, we offer seamless coverage to clients, regardless of domicile or the jurisdictions they serve.' Underwritten through Mosaic's global agency network on behalf of its Lloyd's Syndicate 1609, the product is said to be supported by its A+-rated global carrier partners. Designed to serve a wide range of digital asset businesses, the solution caters to entities such as blockchain analytics companies, custodians, exchanges, exchange-traded funds structures, miners, real-world asset platforms, trading platforms and wallet providers. These companies have historically encountered challenges in securing comprehensive coverage due to perceived market volatility or regulatory uncertainties, stated Mosaic. The product mirrors the line sizes and policy structures available to Mosaic's non-digital asset clients, providing seamless cyber, tech and crime coverage through a single underwriting platform to eliminate common coverage gaps. Mosaic cyber underwriter vice-president Kieran Quigley said: 'Digital asset clients have long needed insurance that understands their risks, offers meaningful capacity and brings a long-term view. 'We have listened to clients and brokers and built solutions that reflect the ambition and growing sophistication of this space. We are proud to support innovators driving the next wave of global economic change.' Cyber and financial institutions liability represent two of Mosaic's seven specialty business lines, alongside environmental liability, transactional liability, political risk, political violence and professional liability. "Mosaic Insurance unveils new coverage for digital asset sector" was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
