An Australian Woman Charged With Bitcoin And Diamond Money Laundering Scam

According to The Age newspaper, a woman in Melbourne, Australia, pleaded guilty on Wednesday to her involvement in stealing millions of dollars from superannuation (retirement) accounts and stock portfolios before laundering the proceeds through the purchase of Bitcoin and diamonds in Hong Kong.

Jasmine Vella-Arpaci was 21 when she stole more than AU$3 million ($1.96 million) from 26 users of super funds including HESTA, Hostplus, and Rest Super, as well as different share trading sites.

The stolen monies were subsequently transferred to a series of illegally obtained Westpac — one of Australia’s four largest banks — debit cards, which were then delivered to a syndicate member in Hong Kong, who purchased diamonds and jewelry to launder the proceeds.

Vella-Arpaci, now 24, was then compensated in Bitcoin for her portion of the proceeds, which totaled AU$147,000.

With a worth of $3.2 trillion, Australia’s superannuation plan was ranked sixth in the world in 2021, and as such, there is considerable curiosity in whether the sector will begin investing in the crypto market.

Vella-Arpaci was discovered to have 1,400 papers, including passports, driver’s licenses, bank, and Medicare (Australia’s government-supported healthcare system), during the police inquiry.

Vella-Arpaci pled guilty to two counts of conspiracy to deceive and one count of conspiracy to deal with criminal proceeds. She is still being held on bond until the case reconvenes on November 30.

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