Diamond jewellery and luxury watches seized by the Australian Federal Police as proceeds of crime appeared at auction in Sydney over the past week.
Authorities seized more than 30 items during the $100 million Plutus tax fraud investigation. Adam Cranston, son of former deputy commissioner of taxation Michael Cranston, was one of 14 people charged in relation to the scheme.
The fraud occurred between 2014 and 2017, and Cranston was sentenced to 10 years of non-parole last year for his role in the plot.
“The astonishingly glitzy treasure trove provides a stark insight into the lavish lives the syndicate enjoyed with their ill-gotten gains until the jig was eventually up,” writes Jonathon Moran of The Daily Telegraph.
“Adam Cranston owned and controlled Plutus Payroll — a legitimate payroll company which managed tax obligations for a number of legitimate clients.
“He was ultimately found to have kept a significant percentage of those funds, by funnelling money to a complex web of second-tier companies.”
First State Auctions in Sydney hosted the auction. Gemmologist Riya Takaya told the Australian Financial Review that it was one of the “biggest sales of the year.”
Among the notable items to appear at the auction were a Cartier bracelet and an Ashoka diamond trilogy ring. A Rolex Submariner and an Omega Speedmaster were also expected to command significant attention.
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