TL;DR: On May 15, 2026, the AFP said three people were arrested on May 14 in Sydney over alleged use of business email compromise (BEC) scam proceeds to buy gold bullion. Police allege a 20-year-old woman bought A$100,000 of gold on five occasions within two weeks, from a BEC scam worth about A$600,000, and about A$300,000 has been recovered. These are allegations.
What happened
The AFP release says police seized A$34,000 in cash and three mobile phones from the group’s car, and a search of an apartment in Zetland turned up three more phones and documentation. The woman was arrested at a Sydney CBD gold dealership, with two men aged 36 and 29.
Charges include recklessly dealing with proceeds of crime over A$5,000, dealing with identity information and participating in a criminal group. The National Australia Bank provided information that helped identify the funds. The matter is part of Strike Force Downstream, with referrals from the AFP-led JPC3.
Why it works
BEC works by redirecting a real payment, so the money lands in a mule’s account and is quickly turned into assets that are hard to trace, such as gold. Bank cooperation helped identify the funds here.
Companies and individuals paying invoices are the target.
Background: our explainers on business email compromise. See also ASIC Cancels Licence of Firm Over Fake Macquarie Bond Sale and ASIC Removed 11,964 Scam Websites in 2025, Up 90%.
What the AFP advises
- Verify payment requests with a trusted contact you already know, not through phone numbers or emails listed on the invoice.
- Apply the ACSC’s Essential Eight mitigation strategies.
- Contact your financial institution immediately if you think you have made an incorrect payment.
- Report suspicious activity through ReportCyber; Crime Stoppers is 1800 333 000.
If you have already sent money
Contact your bank immediately, report the scam to Scamwatch and through ReportCyber, and call IDCARE on 1800 595 160 if your identity may be at risk. Our guides on the Scamwatch and IDCARE recovery process, Australian bank impersonation scams and how to reverse a wire transfer scam explain the steps, and what to do after a scam, wherever you live covers the first 24 hours. Scammers often start with details taken from past leaks, so run our free digital footprint check to see what of yours is already exposed.
Frequently Asked Questions
What is alleged in this case?
That proceeds of a business email compromise scam worth about A$600,000 were used to buy A$100,000 of gold bullion on five occasions within two weeks. They are allegations.
How much has been recovered?
About A$300,000 of the allegedly stolen funds, according to the AFP on May 15, 2026.
What should businesses do to avoid BEC?
Verify payment requests with a trusted contact you already know rather than details on the invoice, and use the ACSC’s Essential Eight.
Where do I report suspected BEC?
Through ReportCyber, and contact your financial institution immediately if you have made an incorrect payment.
Sources
- AFP: Cybercrime Squad detectives charge trio alleging using scam money to purchase gold bullion (May 15, 2026)
- Scamwatch (ACCC)
Related Reading
- ASIC Cancels Licence of Firm Over Fake Macquarie Bond Sale
- ASIC Removed 11,964 Scam Websites in 2025, Up 90%
- C$3.5M Recovered After Payment Redirection Fraud on Quebec Firm
- Australia Scam News: October 2026 Roundup and Warnings
- Average Loss per Victim by Scam Type (2025)
- What to do after a scam, wherever you live