Four men of Greek Australian background have been charged with money laundering offences in connection with a large-scale fake investment scheme that targeted unsuspecting Australian investors through bogus bonds and financial products.

The Australian Securities and Investments Commission (ASIC) alleges that between January and July 2021, the men were involved in processing the proceeds of a fraudulent investment operation that used fake comparison websites and deceptive Facebook ads to lure victims. While not accused of directly running the scam, the four are alleged to have facilitated the movement of criminal funds linked to it.

The four accused  men are all based in Victoria and allegedly handled funds derived from fraudulent activity. According to ASIC, victims were contacted via phone or email and provided with high-quality counterfeit prospectuses bearing branding from legitimate financial institutions. The fake investments promised fixed annual returns between 4.5 and 9.5 per cent over terms ranging from one to ten years.

ASIC alleges that investor funds were deposited into Australian bank accounts controlled by three of the accused men, and were subsequently transferred to overseas bank accounts or crypto exchanges. The fourth man is accused of similar conduct and of aiding, abetting, counselling or procuring the other three.

The financial watchdog launched its investigation following complaints from individual investors as well as corporate and institutional sources. The matter is now being prosecuted by the Commonwealth Director of Public Prosecutions and is listed for committal mention on 30 October 2025.

Two of the men face 28 charges each of dealing in proceeds of indictable crime under the Criminal Code. Another faces 12 charges, and the other faces eight.

ASIC continues to warn investors to be cautious, particularly of scams involving impersonated financial institutions. The Moneysmart investor alert list and the IOSCO alert portal provide up-to-date warnings about suspicious investment offers.

In May 2024, ASIC issued a public alert after noting a rise in increasingly sophisticated scams involving fake bonds and term deposits.

*This story has been updated to not name the accused until the judicial process is concluded.