Chinese nationals jailed over 'eye-watering' money laundering scheme in Melbourne's east

The judge said the group was able to avoid detection from the banks because individual transactions never exceeded $10,000. 

Two men laundered more than $60 million using a scheme involving huge wads of cash, bank accounts and cryptocurrency, a Victorian court is told.

One of the men spent his fortune on luxury items, including designer watches and a Porsche.

According to court documents, a combined $63 million was laundered by Liu and Zhou in 2020 and 2021.

Liu and Zhou were sentenced in the County Court of Victoria after pleading guilty to dealing with proceeds of crime.

Judge Michael Cahill jailed Liu, 37, for five-and-a-half years, while Zhou, 41, was sentenced to three-and-a-half years.

The group were charged over their involvement in a syndicate that laundered tens of millions of dollars using cryptocurrency, foreign bank accounts and ATMs across Melbourne's east.

When investigators raided the Burwood home where Liu lived, they seized shopping bags filled with money, cash counting machines and numerous credit cards in other people's names.

Officers also seized luxury watches, a Gucci bag, three framed pictures of boxer Mike Tyson, the Porsche, and two four-wheel drives.

Liu and Zhou initially denied any involvement in criminal activity, telling police they were high-stakes poker players. 

As a leader of a criminal syndicate, Boliang Liu became rich enough to buy luxury items and keep $913,000 cash in his house.  Liu may have thought he could avoid detection from police, but he could not escape being "lectured" by his father. Fulai Liu did not think it was wise his son — who declared no taxable income for the year — had traded in an SUV and forked out a further $107,000 to purchase a Porsche 911 Carrera.
​
Source: https://www.abc.net.au/news/2024-08-07/men-jailed-over-eye-watering-money-laundering-scheme/104195074