Millions of dollars confiscated after fraudulent scheme investigation

New Zealand Police have successfully filed a High Court confiscation of more than $2 million under the Proceeds of Crime (Recovery) Act following an investigation into funds held in New Zealand by Malaysian citizens.

An investigation determined to be related to the VenusFX scheme, a fraudulent scheme carried out in Malaysia.

Approximately $2.2 million was held in two New Zealand bank accounts until he was detained by police in April 2020.

In a ruling handed down on 2 November, the court ruled that there were reasonable grounds to believe that the money was criminal proceeds and had been sent to New Zealand for laundering purposes.

Asset Recovery and Money Laundering Manager Lieutenant Craig Hamilton said the ruling sends a strong message to offshore criminals who see New Zealand as an option for money laundering.

“New Zealand’s anti-money laundering system is designed to identify criminal proceeds and will act when suspicious funds are identified.

“In this case, New Zealand Asset Recovery Investigators are working with their Malaysian counterparts and acknowledge their partnership to resolve this issue.

“This is a great example of countries working together to discover and recover criminal proceeds.

“Criminals around the world need to know that New Zealand is not a safe place to send illegal proceeds.If you send illegal funds here, we will find them and confiscate them. ”

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Published by Police Media Center