[Australian Police Charge Man Over $3.5 Million Crypto Investment Scam, Mostly Targeting Elderly] According to The Block, Australian police have charged a 42-year-old man with operating a cryptocurrency investment scam that defrauded over 190 elderly and vulnerable individuals of a total of 5 million Australian dollars (approximately $3.5 million USD). The man has been granted conditional bail and is scheduled to appear in Burwood Local Court on March 17. According to a police statement, the cybercrime unit Strike Force Resaca executed search warrants on Friday morning in Strathfield and Cammeray, seizing electronic devices and documents related to the case. At the Strathfield residence, police arrested the 42-year-old suspect and charged him with "recklessly dealing with the proceeds of crime," involving money laundering through online platforms. A second man, aged 36, was arrested in Cammeray and has been released pending further investigation. Investigations revealed that since November 2025, victims were approached via social media by individuals posing as investment advisors and were directed to deposit funds into a digital currency trading platform called "NEXOpayment." Victims believed they were purchasing cryptocurrencies, stocks, or other legitimate investment products, but the funds were instead transferred multiple times to various crypto wallets and exchanges, exhibiting a typical money laundering pattern.