After being apprehended for what the British police claim to be a “sophisticated cyber scam,” a 17-year-old was found in possession of more than GBP 2 million (approximately Rs. 21.61 crores) in Bitcoin (BTC). According to the Lincolnshire County Court, the youngster constructed a replica website of a prominent gift voucher site called Love2Shop and promoted it on Google, duping people into giving over gift voucher redemption codes worth GBP 6,500 (approximately Rs. 6.69 lakh) that were used to acquire Bitcoin.
After uncovering money laundering ties in the investigation, Lincolnshire Police stated they took BTC 48 and other cryptocurrencies.
On the perpetrator’s computer, investigators discovered over 12,000 credit card numbers as well as the data of 197 PayPal accounts. The adolescent was charged with deception and money laundering and was sentenced to a youth rehabilitation center.
Following an inquiry into accusations of credit card fraud and personal information theft that had been stacking up since April 2020, the 17-year-old was arrested in August 2020. “People were tricked into thinking they were accessing the official site when they clicked on his website,” claimed a prosecutor in the case. The court in the case even indicated that if the culprit had been an adult, he would have been sentenced to prison.
Cryptocurrency is often thought by criminals to be an anonymous way to move funds around undetected, but I’m glad that in this case, we were able to highlight that the police are now able to effectively investigate offenses of this nature,” said Detective Constable Luke Casey of Lincolnshire Police.
This is far from the first time a crypto-scam has surfaced. Scammers have been attempting to exploit new ways to defraud crypto-asset holders as the crypto-culture has grown on a worldwide scale. According to research published in April, the entire value of crypto crime in 2020 will be over $10.52 billion (around Rs. 79,194 crores).