Federal Police raid homes in epping and Drummoyne

Homes in epping and Drummoyne were raided by federal police on Wednesday night and nine people were arrested as part of a Sydney wide operation that targeted an alleged money laundering syndicate with links to China.

The raids seized $29 million in cryptocurrency, dozens of designer watches, handbags, jewellery and luxury cars worth as well as four firearms.

Police allege the syndicate operated as an “underground bank” for organised crime and circumvented Australian laws that regulate the transfer of money from China to Australia by using an underground syndicate broker.

The syndicate allegedly charged a 10 per

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cent fee and required customers to deposit money into a Chinese bank account it controlled.

It is also alleged the syndicate laundered $150 million of its own profits to avoid suspicion..

AFP Assistant Commissioner Kirsty Schofield said the investigation - titled Operation Avarus-Midas - was “one of the largest and most complex money laundering investigations in the AFP’s history”.

“We will allege the money laundering organisation used their profit to live large,” Assistant Commissioner Schofield said.

“They bought highend jewellery, highend watches and some of these watches cost more than what an individual would earn in a lifetime.”

She did not rule out further arrests as part of Operation AvarusMidas and said the police action should send a message to organised crime: “you are on our radar”.