SNEAK PEEK

  • Ukraine police nab 14 in crypto scam, seize luxury assets.

  • Georgian nationals suspected of organizing fraudulent operations.

  • National Bank of Ukraine reaffirms stance on crypto regulation amidst crackdown

The National Police of Ukraine recently unveiled a sophisticated criminal ring in the cryptocurrency sector. According to reports, the ring targeted individuals across Ukraine, Moldova, Kazakhstan, and the European Union through deceptive call centers.

Promising lucrative crypto investments, the fraudsters employed psychological tactics to persuade victims to invest their savings.

During a probe, the authorities detained 14 suspects, including alleged organizers, and seized significant assets. The confiscated items include 12 luxury cars, 136 units of computer equipment, 951 SIM cards, 455 starter packs, and a substantial sum of cash amounting to $64,500. The police emphasized their active investigation to determine the full extent of the fraud and identify the number of victims involved.

Alleged Organizers and Operational Details

Two Georgian nationals are suspected of orchestrating the crypto criminal ring. With a history of involvement in criminal activities, these individuals reportedly recruited 12 others into their illegal operation. The police highlighted the role of one of the organizers, described as a trusted associate of a notorious figure in criminal circles.

The perpetrators skillfully posed as stock exchange experts, exploiting the trust of unsuspecting individuals to persuade them to invest in cryptocurrencies. Using deceptive tactics, they convinced victims of the high profitability of the investments, leading them to transfer funds to the criminals’ accounts.

Legal Proceedings and Regulatory Context

The arrested suspects are currently serving jail time pending further legal proceedings. Authorities have indicated that the case will be handed over to the Kyiv Regional Prosecutor’s Office for prosecution.

Meanwhile, the National Bank of Ukraine (NBU) reiterated its stance on cryptocurrencies, stating that they are not recognized as legal tender. The NBU has reaffirmed its commitment to regulating the crypto sector to prevent such fraudulent activities in the future.

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