Australia records surge in investment scams

The Australian Securities and Investment Commission (ASIC) has acquitted four individuals in Victoria for allegedly conducting money laundering offences linked to crypto scams. The authorities alleged that the individuals committed their offences between January and July 2021.

The culprits include Dimitrios Podaridis, Bassilios Floropoulos, Peter Delis, and Harry Tsalikidis. ASIC revealed that the four facilitated scams targeted individual Australian investors offering fraudulent financial products, such as fraudulent bonds.

Australia records surge in investment scams

The government agency didn’t acknowledge whether the four were directly involved in operating the investment scams. It only stated that the individuals recklessly used the proceeds of crime without caring whether those funds were the proceeds of crime.

According to ASIC, the culprits used fictitious investment websites and Facebook advertisements to attract investors. They allegedly offered investments ranging from 1-10 years with fixed returns between 4.5% and 9.5% per annum.

The victims later deposited funds into Australian bank accounts operated and controlled by Delis, Floropoulos, and Podaridis. ASIC alleged that the trio moved the funds to offshore bank accounts and crypto exchanges.

According to the independent commission, Tsalikidis also took part in similar activities and aided, abetted, or procured the rest. The agency started investigating the individuals following a tip-off from consumers and corporate and institutional entities. It did not disclose how much money was allegedly laundered by the four individuals or how many victims were affected.

After completing its investigations, ASIC referred the matter to the Commonwealth Director of Public Prosecutions. It also revealed that there will be a hearing of the matter on 30 October 2025 to decide whether the case will move to trial.

Podaridis and Floropoulos were each charged with 28 counts of involvement in proceeds of indictable crime. Tsalikidis received 12 offences, while Delis was charged with eight counts of dealing in proceeds of indictable crime.

Scamwatch reported a rise in investment scams in Australia, with hundreds of millions in lost savings each year. The firm said it received over 90,000 scam reports in 2025 alone. Those scams cost Australians roughly $98 million in losses, with almost half connected to investment scams. Scammers also stole nearly $213 million in 2024, mainly through fake investment schemes.

Australia warns of rise in crypto ATM scams

Australia’s financial crimes watchdog, AUSTRAC, also warned Australians in June of rising cases in crypto ATM scams. The agency’s CEO, Brendan Thomas, revealed that the task force surveilled customer activity for several months and found instances of scams, fraud, and other illegal activity.

The Australian Transaction Reports and Analysis Centre (AUSTRAC) alleged that the 60 to 70-year-old age group had the most victims in the scam activity. That demographic accounted for 29% of all transactions by value on cryptocurrency ATMs. AUSTRAC said it’s working with authorities and crypto ATM providers to address the illegal activity.

“This action draws a clear line in the sand and serves as a warning to other digital currency exchange providers that aren’t meeting their responsibilities under the Anti-Money Laundering and Counter-Terrorism Financing Act.”

-Brendan Thomas, CEO of AUSTRAC.

The agency put several conditions to protect the financial system from suspicious activity, including a $5,000 limit on cash deposits and withdrawals. It also added customer due diligence obligations, scam warnings, and requirements for efficient transaction monitoring.

AUSTRAC also urged cryptocurrency exchanges to consider imposing similar conditions to limit criminal exploitation. The agency argued it would reduce its exposure to money laundering and other serious crime risks.

The Australian Cyber Security Center reported that Australians lost roughly $3 million to ATM scams last year. The agency also said it received more than 150 reports, including investment scams, extortion emails, and romance scams. It also alleged that the losses could be higher since many victims do not report such crimes.

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