Fraudsters swindled $105m from the ATO, now the luxury proceeds are up for sale | A Current Affair

Summary

In a stunning heist involving high-profile individuals, including the children of an ATO Deputy Commissioner, a $100 million tax fraud was uncovered. The perpetrators, Adam and Lauren Cranston, used a fake payroll company to siphon funds from the Australian tax office. Their lavish spending on luxury items such as Rolex watches, designer bags, and diamonds, all seized during the investigation, will now be auctioned. The proceeds will be returned to the government, supporting crime prevention and police efforts. The auction, featuring rare and valuable items, highlights the extravagant spoils of a monumental crime.

Takeaways

• 😀 A group, including the son and daughter of an Australian Deputy Commissioner, defrauded the tax office of more than $100 million.
• 😀 The fraud scheme was uncovered during Operation Elbris, led by the Australian Federal Police.
• 😀 The Cranston family, including Adam and Lauren Cranston, were at the center of the tax fraud operation.
• 😀 The fraud was carried out under the guise of a legitimate payroll company, Plutus Payroll, which siphoned funds meant for tax payments.
• 😀 The assets confiscated from the operation include luxury items such as watches, bags, and diamonds.
• 😀 Items from the operation, such as Rolex watches and designer bags, are now being auctioned off.
• 😀 The items at auction include high-end luxury goods like Chanel and Alexander McQueen bags, and Cartier bracelets.
• 😀 Some of the auctioned items are rare, with estimates of significant values, particularly a Rolex Oyster Perpetual.
• 😀 All proceeds from the auction will go back to the government, supporting crime prevention and police investigations.
• 😀 The auction provides an opportunity for buyers to acquire luxury items that may fetch prices above retail value.
• 😀 The auction is scheduled to finish on Sunday at 8:00 PM Eastern Daylight Saving Time.

Q & A

What was the fraud scheme uncovered by Operation Elbris?

The fraud scheme involved siphoning money from the Australian Tax Office (ATO), where a group of individuals, including the son and daughter of a deputy commissioner, defrauded the tax office of more than $100 million over a three-year period.

Who were the key individuals involved in the fraud?

The key individuals involved in the fraud were Adam Cranston and Lauren Cranston, the son and daughter of Michael Cranston, who was the deputy commissioner of the Australian Tax Office at the time.

How did the perpetrators of the fraud try to cover up their actions?

The perpetrators used a legitimate payroll company, Plutus Payroll, named after the Greek god of wealth, as a front to conceal their fraudulent activities while siphoning funds that should have been paid as tax.

What was the role of the Australian Federal Police in this case?

The Australian Federal Police (AFP) led Operation Elbris, which investigated and eventually exposed the massive fraud operation, resulting in the conviction of the five individuals involved.

What kinds of luxury items were seized from the perpetrators?

The seized luxury items included high-end designer bags, watches, jewelry, and rare items like a collectible Rolex Oyster Perpetual watch and Cartier Love bangles, among others.

How much are the seized items estimated to be worth?

The seized items are valued at a high range, with some individual items, like the Rolex watch, estimated to be worth between $20,000 and $30,000, though they may sell for even more due to their rarity.

What process is used to authenticate the seized items before they are sold?

All seized items go through a double authentication process to ensure they are genuine before being listed for auction.

What impact does the auction of these items have on the public?

The proceeds from the auction of these items will be returned to the government and are intended to fund crime prevention efforts and support police investigations.

How does the auction process work for these items?

The items are sold through an auction, where bidders can participate by placing offers within a range of high and low estimates, with the final price determined by the interest and psychological value of the auction participants.

What is the significance of selling these items back to the government?

Selling the items back to the government ensures that the fraudulent wealth is returned to the public sector, and the funds are used for important causes like crime prevention and supporting law enforcement activities.