‘Money launderers for hire’: Six charged over allegedly funnelling $5 million through bitcoin

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Six more people have been charged in relation to an alleged criminal syndicate that laundered more than $5 million through the cryptocurrency bitcoin.A man and five women from Sydney’s inner west and south-west were charged on Wednesday as part of an investigation into the alleged syndicate which began in October.“The syndicate were operating as ‘money launderers for hire’ and they would take a percentage of that cash as payment for themselves,” Detective Superintendent Matt Craft, commander of the NSW Police Cybercrime Squad, said on Thursday.Superintendent Craft said the syndicate allegedly laundered Australian currency, which police believe was “illicit ... most likely from the sale of prohibited drugs”, by converting it into Bitcoin positioned offshore.Police executed search warrants at two apartments at Newington and Strathfield on Wednesday, where they seized electronic devices as well as cash and designer jewellery.They will allege in court that a 48-year-old Newington man fraudulently deposited cash…

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