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Three jailed in UK after $5.3M crypto fraud using fake police sites
The Metropolitan Police said it recovered about £1 million linked to victims, while tracing additional assets after the gang stole coins from eight people.
Three men have been jailed in the UK for a £4 million, or about $5.3 million, cryptocurrency fraud in which they impersonated police officers to trick eight victims into handing over their holdings, according to the Metropolitan Police as reported by Decrypt.
The group created convincing fake police websites and used a laundering network to move stolen crypto quickly after the victims shared account details or transferred funds to accounts they believed were secure police wallets, the Met said.
At Southwark Crown Court, Anthony Ikenwe, 29, and Kevin Nwamma, 25, were each sentenced to six years for conspiracy to commit fraud and five years for money laundering, to run concurrently, while Hamza Bashir, 23, received three years and nine months for fraud and three years for laundering, also to run concurrently.
Investigators said they recovered about £1 million tied to victims and were still tracing assets. The Met also said one defendant had a recorded income of just £444 a year but the group bought a nearly £60,000 car with crypto and spent on luxury goods and travel, with luxury items recovered in searches valued at more than £26,000.