Australian Cybercrime Squad detectives have charged a man following an investigation into a large-scale investment scam that defrauded more than 190 elderly and vulnerable residents of $3.5 million. The Cybercrime Squad established the Strike Force Resaca in February 2026 to investigate the involvement of two men in the scam, which had been active since November 2025.

Victims were typically approached via social media and persuaded to invest in cryptocurrency. They were then contacted by an individual posing as an investment adviser, who directed them to deposit funds into a digital currency exchange portal known as Nexopayment.

According to a police statement, victims believed they were purchasing cryptocurrency, shares, or other legitimate investment products. Instead, funds deposited were allegedly redirected through multiple cryptocurrency wallets and exchanges in a laundering pattern designed to conceal the money trail.

Following extensive inquiries, detectives executed search warrants starting at 7:30 a.m. Feb. 20 at homes in two Sydney suburbs, Strathfield and Cammera, as well as a business in Burwood. Police seized electronics and documentation relevant to the investigation.

At the Strathfield address, a 42-year-old man was arrested and taken to Auburn Police Station. He was charged with recklessly dealing with proceeds of crime exceeding $3,500, relating to the laundering of funds through Nexopayment. The man was granted conditional bail and is scheduled to appear in court on March 17.

In Cammeray, a 36-year-old man was arrested and taken to Chatswood Police Station before being released pending further inquiries.

Detective Acting Superintendent Jason Smith, commander of the Cybercrime Squad, said investment scams remain the highest loss category of cybercrime in Australia, costing the community hundreds of millions of dollars annually.

“These criminals are highly organized, sophisticated, and relentless in their targeting,” Smith said. “They create urgency, pressure people to transfer funds quickly, and play on a fear of missing out. That pressure alone should be a major red flag.”

Nexopayment is the latest scam targeting Australian seniors that authorities have disrupted in recent months. As previously reported by Bitcoin.com News in June 2025, Australian authorities also noted a growing trend wherein criminals targeted the elderly with scams linked to cryptocurrency ATMs. In Tasmania alone, 15 residents lost a combined $1.64 million to such scams, with one victim losing nearly $493,000. Victims were mostly elderly, with an average age of 65 and average losses of $108,500.

Smith urged Australians to verify that companies are legitimate and registered, and to consult trusted friends, relatives, or professionals before transferring money. He also encouraged anyone who believes they have been a victim of cybercrime to report incidents through Reportcyber at cyber.gov.au or contact local police.

• What is Strike Force Resaca? It’s a taskforce launched by NSW Cybercrime Squad in February 2026 to investigate a $3.5 million crypto scam targeting Australians.
• How were victims approached? Most were contacted via social media and tricked into depositing funds through a fake exchange called Nexopayment.
• Where did police act? Search warrants were executed in Sydney suburbs Strathfield, Cammeray, and Burwood on 20 February 2026.
• How can Australians protect themselves? Verify companies are registered locally, consult trusted contacts, and report scams via Reportcyber at cyber.gov.au..

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