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Brazilian Federal Police are executing 20 search and seizure warrants for a cross-border cryptocurrency fraud group accused of stealing hundreds of millions of dollars.
according to the new press release Joint investigations by the U.S. Immigration and Customs Enforcement (ICE), Brazilian Police, U.S. Department of Homeland Security, and other agencies have resulted in law enforcement in several South American states.
The investigation uncovered possible violations of the law, including money laundering, fraud, crimes against Brazil’s national financial system, and operating criminal enterprises.
The 37-year-old unnamed Brazilian national and former U.S. resident, the alleged head of a fraud group, tricked thousands of investors from more than a dozen countries into allowing his organization to focus on a new cryptocurrency. It is said that they began to trick people into believing that they created products that
A U.S. investigation has alleged that the organization misled investors in more than a dozen countries by falsely claiming to have developed a fully functional, cutting-edge cryptocurrency-related financial product. became clear.
In fact, the organization is suspected of promoting fraudulent partnerships and licenses used to trick victims into investing millions of dollars in cryptocurrencies created by the suspects. Cryptocurrencies eventually have little or no value.
Brazilian authorities It’s been found The suspect promised victims monthly investment returns and said his organization has a large team of experienced crypto traders who generate profits by buying and selling loaned digital assets.
The suspect company also allegedly misused investor funds and used them to purchase real estate and luxury goods.
“While some of the client’s funds were used to pay monthly salaries, the rest was used by investigated criminal gangs to acquire high-value properties, luxury cars, boats, renovations, designer clothes, jewelry, travel, etc. Used by others.
After that, businesses stopped paying monthly membership fees to customers and began blocking requests to withdraw funds, according to the study.
“After the victim’s resources were wasted, the criminal gang began to fall behind and quickly stopped paying the client’s contracted monthly fee.
Similarly, we have blocked withdrawal requests. Among the justifications given, he alleges administrative, financial and technical problems. No specific solution was offered, but the criminal gang continued to enjoy the assets acquired with the victim’s resources.
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