News, Culture & Society

Fifth person is charged in relation to a $100MILLION money laundering syndicate

Fifth person is charged in relation to a $100MILLION money laundering scheme – as bundles of notes meant to be sent around the world are seized

  • Fifth person has been charged over an alleged money laundering syndicate 
  • The 31-year-old was arrested and charged at Parramatta Police Station 
  • Police will allege he deposited large sums of money to financial institutions 

A fifth person has been charged over an alleged $100million money laundering syndicate.

Police involved in Strike Force Tippet were investigating the supply of drugs when they discovered an alleged money laundering syndicate that deposited large sums of cash at financial institutions that were funnelled back into the criminal underworld or transferred across the world.

A 31-year-old man was arrested and charged at Parramatta Police Station on Thursday at 3pm.

Police involved in Strike Force Tippet were investigating the supply of drugs when they discovered an alleged money laundering syndicate that deposited large sums of cash at financial institutions that were funnelled back into the criminal underworld or transferred across the world

Gagandeep Pahwa (pictured), who police allege is the leader, and a 29-year-old employee were arrested at his place of business - Assured Protection Services - in Guildford West on July 11

Gagandeep Pahwa (pictured), who police allege is the leader, and a 29-year-old employee were arrested at his place of business – Assured Protection Services – in Guildford West on July 11

He was charged with knowingly dealing with proceeds of crime intent to conceal more than $100million and participating in and contributing to criminal activity. 

Investigators will allege he deposited large sums of money to various financial institutions in New South Wales, Victoria and Western Australia and sending it to China.

He allegedly made up to nine trips in one day, according to the Sydney Morning Herald.

On December 17, 2018, the man allegedly made four deposits in one day – one of $45,000, one of $55,000 and two of $75,000  

The man was refused bail and will reappear at Parramatta Local Court on Monday. 

The man was one of five people arrested in recent weeks in connection with the alleged syndicate.

Gagandeep Pahwa, who police allege is the leader, and a 29-year-old employee were arrested at his place of business – Assured Protection Services – in Guildford West on July 11.

Pahwa’s 30-year-old girlfriend was arrested at their home on the same day. 

Police will alleged over four years the syndicate redirected money back into the criminal underworld or transferred it overseas.

A fifth person - a 31-year-old - was arrested and charged at Parramatta Police Station on Thursday at 3pm

A fifth person – a 31-year-old – was arrested and charged at Parramatta Police Station on Thursday at 3pm

‘It was a semi-legitimate business, but it’s primary function (was) to act as a front for the money-laundering operation,’ NSW Police detective chief inspector Nick Read said, according to Nine News.

Money counting machines, $400,000 in case, computers and designer jewellery were seized during the search.  

Pahwa’s car was seized as well, as police believe it was purchased using the proceeds of crime.

A fourth person, 30, was arrested at Sydney International Airport earlier this month.  

Pahwa's 30-year-old girlfriend was arrested at their home on the same day

Pahwa’s 30-year-old girlfriend was arrested at their home on the same day

Read more at DailyMail.co.uk


Comments are closed.