Nearly £8 million stolen in crypto scam - with 8 suspects arrested
Two victims from Somerset lost a total of more than £1 million
Eight suspects who are thought to have been working in an organised crime group that stole nearly £8 million from their victims have been arrested.
The suspects are reported to have taken the cash from their victims by claiming their savings 'were at risk' - and so persuaded them to move their money to other accounts.
The group was discovered thanks to the work of the South West Regional Organised Crime Unit (SWROCU), supported by Police Scotland and the National Crime Agency (NCA), who carried out 11 warrants earlier this week (February 21) in Glasgow and Edinburgh.
As well as arresting five men and three women, officers seized approximately £300k cash, a BMW car, and around 100 devices.
Each of the six victims was targeted by criminals posing as representatives from financial authorities who, by using spoofed telephone numbers and email addresses, convinced them over weeks or months to move substantial amounts of money into cryptocurrency accounts. The largest amount stolen from a single victim was £4.1 million.
Two of the victims are reported to have been from Somerset, with them together losing more the a million pounds.
Acting Detective Inspector Adrian Bray from SWROCU said: “Yesterday’s arrests are a significant step forward in an investigation that has seen substantial amounts of money stolen from six victims.
“With the help of our digital forensics specialists, we are now working to gather as much evidence as possible from the devices seized from the suspects’ addresses.
“The money stolen ranges from over £4 million from one victim in the South West to £50k from a victim in Edinburgh, so it’s a high value fraud by criminals who were adept at gaining the trust of their victims.
“Noone should underestimate the harmful impact fraud has on victims, regardless of the value of money stolen. That’s why it’s so important people take the time to report suspicious emails, phone calls and texts they receive, instead of just blocking or deleting them. Even if you are confident you know the warning signs of fraud, others might not. By taking a moment to flag the communication as suspicious, you are helping to protect others.”
The arrests come amid Operation Henhouse, a National Economic Crime Centre initiative to provide funding to allow forces to undertake additional operational activity against fraudsters.
If something seems suspicious or unexpected, such as requests for money or information, contact the organisation directly to check.
If you’ve received a suspicious email, forward it to report@phishing.gov.uk to help stop criminal activity and prevent others falling victim to scams.
Always report suspicious text messages or scam call numbers free of charge to 7726. Reporting scam texts and calls can help get the senders blocked or banned.
To report a scam text, forward it to 7726 and then send the sender’s number when prompted. To report a scam call, simply text 7726 with the word ‘Call’ followed by the scam caller’s number.
If you have been a victim of fraud and cyber crime - you can visit the Action Fraud website for more information.