Irish Police Launches Investigation Over Suspected BTC Fraud

The Irish police launched an investigation into a suspected Bitcoin fraud that targeted high-net-worth individuals as we can see more in our latest Bitcoin news today.

Gardai or the Irish police, are investigating a fraudulent scheme that is disguised as a BTC investment opportunity. The victims transferred a few million Euros in BTC to wallets that were controlled by the suspects. The police invested an alleged “major fraud” where the suspects duped high-net-worth individuals into investing huge sums of BTC and took control of their wallets.

The investigation involves a few victims that transferred huge sums of cash in return for BTC according to the Irish Times reports. One bank is said to have raised concerns over a few transactions between $500,000 each, they were initiated from an account that had been dormant for a few years. Despite being briefed by the police about the dangers of losing money, it is understood that the customer believed they were making an investment and went ahead with the plans. Eventually, after accepting the police advice, another planned transfer of 0,000 was blocked.
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A property in south Dublin that was linked to the suspects was searched with computers, jewelry, and cash found and seized. Gardai are investigating whether the suspects took control of the victims’ BTC Wallets but the investigation is still ongoing and the total sums of money transferred by the victims are reaching a few million. The police assumed that a part of the money was transferred out of the country and are cooperating with law enforcement agencies overseas.

This is the biggest in a string of high-profile investigations into fraudulent schemes that involve BTC in the past few weeks as earlier this week we saw five individuals in England being charged for involvement in an alleged BTC conspiracy with $27 million being laundered and stolen. Over the past week, we saw Instagram influencer Jegara Igbara who was accused of defrauding investors out of millions of dollars in BTC. IGbara used his Instagram profile to steal $2.5 million worth of BTC from his victims but despite the high-profile cases, the use of BTC for criminal purposes seems to be dropping.