A billiard parlor in Sydney’s south-west offered to help Australian police and the Australian Securities and Investments Commission crack a $6.5 million fraud after it was linked to a “fake” company that sold fake coins.
The owner of the business, which has since closed, was arrested in September and charged with three offences relating to the fraud, including the alleged misuse of the internet.
The Australian Securities Commission has been investigating the company, known as ATSX and operated by an unnamed company called Echelon, since it was first exposed in March last year.
“They offered to give them a tip that the coins would be sent in a few days’ time and that it would be worth a small amount,” NSW Police Commissioner Michael McCormack told ABC Radio NSW.
“That is quite significant given the fact that it was only a matter of a few months ago that the first person was arrested for this offence and they have been in contact with our AFP team since that time.”
We have not received any further details from them.
“Mr McCormack said the AFP had contacted the owner of Echellon about the offer and they had been advised it was “unlikely to be forthcoming”.
He said there was no evidence that the fake company was involved in the fraud and it had not contacted any Australian law enforcement agencies.”
There is no suggestion of any criminal activity,” he said.”
It was not an organised fraud.
“Mr Cahill said the owner had been approached by Australian law officers.”
At this stage we are still in the process of getting all the information that is required, including all the relevant data to come to us and we will be making the request as quickly as we can,” he told ABC News Breakfast.
Mr Cahil said the business was closed and no further information would be given until after the criminal investigation was completed.
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