UK Jails Three Over £4m Crypto Scam

Two Nigerians and another man have been sentenced to prison in the United Kingdom for their roles in a £4 million cryptocurrency fraud that defrauded eight victims.

The Metropolitan Police said the group posed as police officers, convincing victims that their cryptocurrency assets were at risk. They persuaded them to transfer the funds into fake “secure police accounts” and also created convincing fake police websites to make the scheme appear genuine. Once the cryptocurrency was transferred, it was stolen and laundered through a complex financial network.
Investigators revealed that the proceeds of the fraud were used to finance an extravagant lifestyle, including the purchase of luxury cars, designer clothing, Rolex watches and expensive holidays. Despite the lavish spending, one of the convicts had declared an annual income of just £444. Detective Inspector Geoff Donoghue of the Met’s Cryptocurrency Team described the case as a highly complex investigation involving calculated fraudsters who exploited victims’ trust by impersonating police officers.
The three men were sentenced at Southwark Crown Court on Thursday. They are Anthony Ikenwe, 29; Kevin Nwamma, 25; and Hamza Bashir, 23. The Metropolitan Police said its Cryptocurrency Team traced millions of pounds using a range of investigative techniques to dismantle the criminal network. The report was sourced from the Metropolitan Police and Punch.