Money laundering is a huge global phenomenon. Two Chinese nationals have been sentenced to prison for their involvement in a substantial money laundering operation, processing over $60 million in suspected proceeds of crime. Boliang Liu and Tao Zhou were key figures in a syndicate that used cryptocurrency, foreign bank accounts, and ATMs across Melbourne’s eastern suburbs to launder the funds.
Luxurious Lifestyle and Arrest
Liu, identified as the syndicate leader, amassed enough wealth to buy luxury items, including a Porsche 911 Carrera and several designer watches, court reporter Kristian Silva reported. Despite declaring no taxable income, Liu’s extravagant purchases, including trading in an SUV and adding $107,000 to buy the Porsche, drew the ire of his father, Fulai Liu, who questioned his son’s low profile.
The syndicate’s activities came to light in October 2021, leading to the arrest of Liu, Zhou, and a third co-offender, Wei Wang, in a major operation coordinated by Victoria Police, the Australian Crime Intelligence Commission, and AUSTRAC. During the raid on Liu’s Burwood home, authorities seized cash-filled shopping bags, cash counting machines, numerous credit cards in other people’s names, luxury watches, a Gucci bag, three framed pictures of boxer Mike Tyson, the Porsche, and two four-wheel drives.
Court Sentencing
On Tuesday, the County Court of Victoria sentenced Liu, 37, to five-and-a-half years in prison, while Zhou, 41, received a three-and-a-half-year sentence after both pleaded guilty to dealing with proceeds of crime. According to court documents, the pair laundered a combined $63 million in 2020 and 2021.
“The sums you both dealt with are eye-watering,” Judge Michael Cahill remarked. He criticized their failure to maintain business records and highlighted the gross disproportion between their cash dealings and legitimate income.
Syndicate Operations
Prosecutors revealed that Liu, Zhou, and Wang took commissions from “customers” by transferring their money into various bank and cryptocurrency accounts controlled by the syndicate. The money was often held in dormant bank accounts acquired from individuals who had left Australia. Judge Cahill noted the men’s indifference to the source of the funds, citing a recorded conversation where Liu stated, “We don’t worry where the shit is coming from. I never asked … I don’t think it’s important.”
Future Deportation
Zhou was also implicated in making fraudulent transactions on over 250 overseas victims’ credit cards. Judge Cahill identified Liu as the syndicate leader and Zhou as a “money runner” responsible for hundreds of cash deposits at suburban ATMs. The third co-accused, Wang, laundered $33 million and had $16.9 million in a cryptocurrency account at the time of his arrest. He has pleaded guilty and will be sentenced at a later date. Both Liu and Zhou, previously without criminal records, are expected to be deported after serving their sentences.
