During a search warrant at a home in Wentworth Point, more cash, more than one kilogram of methylamphetamine, cocaine, mobile phones, a laptop and electronic storage devices were also seized, police said.
Police will allege in court the man directed a criminal syndicate to launder money by converting cash into bitcoin on his behalf, totalling $5,479,300, police said in a statement on Monday.
Cybercrime squad detectives made the arrest on Monday. Credit:NSW Police
Mr Zhong has been charged with 24 offences including 19 counts of knowingly dealing with the proceeds of crime, knowingly directing activities of a criminal group and drug-related offences.
Detective Superintendent Matt Craft said the group allegedly operates as money launderers for hire and he anticipates further arrests over the next four weeks.
Mr Zhong was refused police bail and appeared on Monday before Burwood Local Court where he was formally refused bail.
He is due to appear at Central Local Court on April 19.
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