Australia’s corporate watchdog has successfully shut down 95 companies it believes were used to facilitate large-scale online investment and romance baiting scams, often referred to as "pig butchering" scams.

Following an application by the Australian Securities and Investments Commission (ASIC), the Federal Court ordered the winding up of the companies on just and equitable grounds. The Court found that most of the businesses were incorporated using false information and were operating without any legitimate management or control.

Justice Stewart, in his decision, described ASIC’s case for winding up each of the 95 companies as “overwhelming,” citing a “justifiable lack of confidence” in their conduct and management.‍

Fake Companies, Real Damage

According to ASIC, many of the companies were linked to websites and mobile applications that appeared to offer foreign exchange, digital asset, or commodities trading services. In reality, these platforms were allegedly used to lure unsuspecting consumers into investing their money in fraudulent schemes.

“These companies were set up with the aim of providing a veneer of credibility by purporting to offer genuine services,” said ASIC Deputy Chair Sarah Court. “This action has shut them down and protects consumers from entities with no proper management or control, including some that were associated with potentially fraudulent activity.”

Ms Court warned that scammers are employing increasingly sophisticated tactics, including setting up sham companies, cloning websites, and creating convincing mobile apps. ASIC also suspects that some companies may have been incorporated using stolen identities.

“Scammers will use every tool they can think of to steal people’s money and personal information,” she said. “Our ongoing work to improve our registry systems will help prevent this kind of abuse.”‍

Growing Threat of Pig Butchering Scams

“Pig butchering” scams—named for the way scammers “fatten up” their victims with fake relationships before stealing from them—have become an increasing concern worldwide. Offenders often spend weeks or even months building trust through social media or dating platforms before convincing victims to invest in seemingly legitimate financial products. In most cases, victims believe they’re using professional trading platforms, but the sites are fake, and their money is siphoned into accounts controlled by the scammers.

ASIC says it is taking aggressive action to fight back, including removing over 130 scam websites per week. To date, the regulator has taken down more than 10,000 scam-related sites, including over 7,200 fake investment platforms, 1,500 phishing links, and 1,200 cryptocurrency investment scams.‍

Previous Enforcement Actions

The wind-up order follows a string of recent enforcement actions by ASIC. In December 2024, the regulator sued HSBC Australia for allegedly failing to adequately protect customers who were scammed out of millions of dollars. In March 2025, ASIC announced charges against Brendan Gunn for allegedly dealing in the proceeds of crime connected to an international scam ring.

Despite these efforts, ASIC warns the public that online scams remain a growing threat.

“These scams are like hydras—you shut down one and two more take its place,” said Ms Court. “That’s why we’re warning consumers that the threat of scams and identity fraud remains high. We remind consumers to be vigilant.”