Headline: NSW Police charge two in alleged $5M crypto investment scam targeting vulnerable Australians
New South Wales police have charged two men after an investigation into an alleged $5 million cryptocurrency investment fraud that targeted elderly and financially vulnerable people across Australia.
Detectives from the NSW Police Cybercrime Squad launched Strike Force Resaca following reports of fraudulent online investment activity. Search warrants were executed at two homes in Sydney—Strathfield and Cammeray—and at a business premises in Burwood.
Police allege victims were lured via social media ads and unsolicited messages offering high‑return crypto and investment opportunities. Victims were reportedly told to deposit funds into a trading platform promoted as “NEXOpayment.” Authorities say the money was then moved through multiple cryptocurrency wallets and exchanges to obscure the trail.
A 42‑year‑old man was arrested at the Strathfield residence, taken to Auburn Police Station and charged with recklessly dealing with proceeds of crime valued above $5,000. He was granted conditional bail and is due to appear at Burwood Local Court on March 17, 2026. A 36‑year‑old man arrested at the Cammeray property has been released pending further inquiries.
Investigations are ongoing. NSW police are urging anyone who believes they may have been targeted by an investment scam to report it to authorities, emphasizing that investment scams remain among the highest-loss cybercrime categories in Australia. For crypto users, the case is another reminder to vet platforms carefully, beware unsolicited investment offers, and report suspicious activity promptly.
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