Disgraced former tax official Nick Petroulias and bankrupt kebab shop owner Hussein Faraj are under police investigation over alleged investor fraud linked to their Australian cryptocurrency venture, NuGenesis.
According to Sydney Morning Herald, the company, which launched the NuCoin token in 2021, is accused of issuing “worthless tokens” while millions of dollars reportedly disappeared into offshore accounts, some linked to associates with criminal convictions.
Petroulias, previously involved in fraud and known for using false identities, was listed as NuGenesis’ legal officer under an alias.
Documents point to the use of fake identities, dummy directors, and shell companies as part of the alleged scheme.
Faraj, who has positioned himself as a whistle-blower against US crypto figure Sam Bankman-Fried, faces growing investor backlash and legal scrutiny. Whistle-blower complaints include claims from his own brother.
Despite the controversy and his financial history, Faraj continues to seek new investment, maintaining his image as a crypto entrepreneur.
Source: Sydney Morning Herald.
