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An auction of luxury goods forfeited in Operation Elbrus is set to filter millions of dollars back into Australia, according to the Australian Financial Security Authority.
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Tax fraud crimes to be repaid with diamonds: AFSA
29 October 2024
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An auction of fine jewellery, watches, handbags and other luxury items was launched online by the Australian Financial Security Authority (AFSA) to contribute to the sum of money lost in the Plutus Payroll tax scandal.
The Official Trustee in Bankruptcy, a statutory branch in AFSA, said it would facilitate the auction until the closing date on Sunday, 3 November.
In its role of disposing assets, AFSA said the proceeds of the assets would filter valuable money back into the Australian economy.
Operation Elbrus, the investigation into Plutus Payroll, resulted in an extensive number of assets being forfeited to the Commonwealth as proceeds of crime or property of the convicted offenders.
The ongoing investigation looked into large-scale tax fraud and money laundering conspiracies.
It was found that a syndicate diverted pay-as-you-go withholding tax and GST using payroll company Plutus Payroll.
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Conducted by the Serious Financial Crime Taskforce, an ATO-led body, a number of individuals were charged with various tax crime offences for involvement in the scandal.
Since the beginning of the investigation in 2019, 14 people were found to be guilty and either charged or sentenced to jail.
AFSA said the auction would help reinforce the integrity of the tax system that was jeopardised by fraudsters such as Adam Cranston.
A Rolex Submariner watch, an 18ct white gold Cartier bracelet, a Chanel bag and Tiffany & Co diamond earrings were among the forfeited assets advertised for auction.
First State Auctions’ gemologist and valuer, Ari Taibel, said the forfeited items were offered as part of an impressive luxury goods catalogue that included other premium submissions.
“All items have undergone an extensive authentication process, whereby our expert team has undertaken a thorough inspection, ensuring bidders can purchase them with complete confidence and with the authenticity guaranteed,” he said.
“This consignment is unique due to the breadth of the offering, with a high-end selection of watches, designer bags and jewellery, showcasing a collection of treasures from the world’s most prestigious and sought-after brands.”
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