<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>A man from </span><a href="https://www.9news.com.au/sydney" rel="" target="" title="Sydney"><span>Sydney</span></a><span>'s inner-west has been charged over his alleged involvement in a $5 million </span><a href="https://www.9news.com.au/cryptocurrency" rel="" target="" title="cryptocurrency"><span>cryptocurrency</span></a><span> investment </span><a href="https://www.9news.com.au/scam" rel="" target="" title="scam"><span>scam</span></a><span> targeted towards vulnerable </span><a href="https://www.9news.com.au/national" rel="" target="" title="Australians"><span>Australians</span></a><span>.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Elderly and vulnerable victims were usually contacted on </span><a href="https://www.9news.com.au/social-media" rel="" target="" title="social media"><span>social media</span></a><span> and encouraged to invest in cryptocurrency.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/chris-baghsarian-kidnapping-police-raid-sydney-property/4ef07a82-f846-4c76-ba19-623b43e937d5" target="_blank"><strong><span>Police say 'hope fading' to find kidnapped Sydney grandfather</span></strong></a></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>They were then followed up by someone posing as an investment advisor, directing them to deposit money into a Digital Currency Exchange web portal known as "NEXOpayment".</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Victims were falsely told they were buying cryptocurrency, </span><a href="https://www.9news.com.au/shares" rel="" target="" title="shares"><span>shares</span></a><span> and other legitimate investments.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Instead, the funds they were depositing were allegedly being moved through a string of various cryptocurrency wallets and digital currency exchanges, in a pattern similar to money-laundering.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Following inquiries into the matter, detectives executed search warrants yesterday at homes in Strathfield and Cammeray, as well as a business in Burwood.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/cybercrime-squad-charge-man-over-5-million-crypto-investment-scam-targeting-vulnerable-australians/3b7310ab-1cbb-4b03-a1a1-610f7b274c77" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/world/andrew-mountbatten-windsor-arrested-how-secret-operation-happened/f28c1124-d4b6-49ab-95b7-2520ab3d8750" target="_blank"><strong><span>Inside the secret operation to arrest former prince Andrew</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>During the search, police found electronics and documents relevant to the investigation.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>A 42-year-old man was arrested in Strathfield and was taken to Auburn Police Station, where he was charged with offences related to the matter, including the laundering of funds exceeding $5000.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>He was granted conditional bail to appear at Burwood Local </span><a href="https://www.9news.com.au/courts" rel="" target="" title="Court"><span>Court</span></a><span> on March 17.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Police also arrested a 36-year-old man in Cammeray.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>He was taken to Chatswood </span><a href="https://www.9news.com.au/police" rel="" target="" title="Police"><span>Police</span></a><span> Station before being released, awaiting further inquiries.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Commander of the Cybercrime Squad, Detective Acting Superintendent Jason Smith, said the people who operate these scams "are highly organised, sophisticated, and relentless in their targeting".</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"I urge anyone planning to invest to slow down and take the time to verify who you are dealing with. Make sure, firstly, that the company is legitimate and registered in Australia. There is no rush, speak with a trusted friend, relative, or professional before you consider transferring any money."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Strike Force Resaca was established in February to investigate the involvement of two men in an investment scam that defrauded more than 190 vulnerable and elderly Australians of more than $5 million since November last year.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><em><strong><span>NEVER MISS A STORY:</span></strong></em><span> </span><em><span>Get your breaking news and exclusive stories first by following us across all platforms.</span></em></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><ul><li><em><strong><span>Download the 9NEWS App here via</span></strong></em><span> </span><a href="https://apps.apple.com/au/app/9news/id1010533727" target="" title=""><em><strong><span>Apple</span></strong></em></a><span> </span><em><strong><span>and</span></strong></em><span> </span><a href="https://play.google.com/store/apps/details?id=nineNewsAlerts.nine.com&amp;hl=en_AU&amp;pli=1" target="" title=""><em><strong><span>Google Play</span></strong></em></a></li><li><em><strong><span>Make 9News your preferred source on Google by</span></strong></em><span> </span><a href="https://9.nine.com.au/8x987w" target="" title=""><em><strong><span>ticking this box here</span></strong></em></a></li><li><em><strong><span>Sign up to</span></strong></em><span> </span><a href="https://login.nine.com.au/edm?client_id=nineatnine" target="" title=""><em><strong><span>our breaking newsletter here</span></strong></em></a></li></ul></div></div>