Hu was also his household's sole income-earner, managing to make enough money to own a string of properties despite documents before the court showing he earned significantly less than the average wage.

"It seems quite bizarre," Ms Truscott said.

"The defendant has unexplained wealth."

Hu's proposed bail conditions would have barred him from going to the airport or obtaining a passport.

But Ms Truscott refused his bail because his status as a permanent resident and apparent access to significant wealth made him a flight risk.

Police arrested and charged Hu and 37-year-old woman Sijia Wang after damaged $1 and $2 coins were brought into Australia concealed as belt buckles in a shipment picked up by Border Force agents in June.

The coins were allegedly laundered at smart ATMs across Sydney, with the money deposited into several bank accounts and sent offshore.

The damaged coins were thought to have been taken out of circulation and were no longer considered legal tender.

After further consignments were detected, police executed search warrants at businesses in the Sydney city centre and a home in Strathfield on Wednesday.

Hu and Wang face one and two counts respectively of recklessly dealing with the proceeds of crime.

Wang, who lives in Australia on a student visa, appeared to have operated numerous bank accounts where the money was deposited, the court heard.

Organised Crime Squad commander Peter Faux said the group attempted to avoid detection by using several different ATMs and depositing varying amounts of cash each day.

“The alleged actions of this group demonstrate the elaborate ways offshore syndicates are attempting to infiltrate our country and extort our financial system," he said.

"These groups all chase one thing – money.

"They want the power and control which comes with it, and do not care who they defraud to get there."

Wang appeared at Downing Centre Local Court on Thursday, when she was also refused bail.