A man who allegedly amassed an illicit fortune in the ACT can be identified for the first time after he faced court in connection with raids that resulted in the restraint of suspected criminal assets valued at more than $10 million.
The Australian Federal Police allege Karan Talwar, 35, illegally accumulated eight Canberra properties, four luxury cars worth more than $800,000, 28 bank accounts and about $600,000 in cryptocurrencies.
Police claim he "used sophisticated transactions to launder cash and cryptocurrency from the sale of stolen personal identification information and illegal goods, plus the proceeds from fraudulent scams and illegal online gambling".
Talwar was arrested on July 28, when investigators raided two homes and a storage unit in Canberra.
Police seized more than $1.5 million in cash from one house, along with a number of documents and electronic devices that will be forensically examined.
Talwar was subsequently charged with dealing with $100,000 or more in money that was reasonably suspected to be the proceeds of crime. He was granted police bail.
When he fronted the ACT Magistrates Court for the first time on Friday, he was further charged with two counts of dealing with more than $1 million in money or other property reasonably suspected to be proceeds of crime.
Defence lawyer John O'Keefe, appearing as an agent for Sydney firm Astor Legal, sought a three-week adjournment for Talwar "to obtain legal advice".
Magistrate Beth Campbell granted that and continued Talwar's bail, which the court heard had already required him to surrender his Indian passport to police.
Talwar, who has not entered pleas, is due back in court on September 2.
When Talwar's arrest was announced late last month, federal police said he had been apprehended as part of an international money laundering investigation that also involved the US Federal Bureau of Investigation.
"Operation Nairana began in late 2020 when the FBI and the US Internal Revenue Service, as part of the Joint Chiefs of Global Tax Enforcement, reported an Australian-based person was allegedly using cryptocurrency to launder money," the AFP said on July 31.
Financial intelligence agency AUSTRAC helped investigators identify relevant financial data in the early stages of the probe, in which the Australian Criminal Intelligence Commission also played a role.
The operation resulted in not only Talwar's arrest but also the Confiscation of Criminal Assets Taskforce, led by the federal police, restraining the eight properties, the high-end vehicles, luxury goods, cash and cryptocurrencies.
When suspected criminal assets are restrained, they are effectively frozen in order to enable their potential confiscation at a later date.
Australian Federal Police acting commander Scott Raven described money laundering as a threat to Australia's economy and national security.
"Money laundering is also heavily used to fund further criminal activities that impact our community's safety," he said.
"The AFP has a unique ability to disrupt groups suspected of criminal activity where it hurts them the most; seizing their profits and preventing them from using those funds in future ventures.
"This case demonstrates that the AFP will be relentless in pursuing those allegedly involved in global money laundering activities, to ensure that those suspected of dealing in the proceeds of crime cannot enjoy the benefits of their illicitly obtained wealth."
