Crypto fraudster Jay Mazini to forfeit $10m in religious Ponzi

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As someone who has closely followed the crypto space, I am deeply dismayed by the recent conviction of social media influencer Jabara Igbara, also known as Jay Mazini, for orchestrating a massive crypto fraud scheme that stole over $8 million from unsuspecting victims, primarily within the Muslim community. This incident serves as a stark reminder of the potential dangers lurking in the digital asset ecosystem and the importance of regulation and enforcement.

Social media persona Jabara Igbara, better recognized as Jay Mazini, received a seven-year prison term for orchestrating a crypto scam that defrauded the Muslim community of more than $8 million.

On April 24, Judge Frederic Block in the United States District Court found Igbara to be responsible for masterminding money laundering and wire fraud schemes using his Instagram account and other social media platforms, operating under the pseudonym Jay Mazini.

I’ve observed a man named Igbara who disguised himself as a successful crypto investor. He didn’t stop there, he fabricated an online persona to back up his false wealth. Utilizing this deceptive Instagram identity, he persuaded innocent people to invest in his fraudulent schemes. Regrettably, he swindled millions from a New York Muslim community. Sadly, instead of using the money wisely or investing it responsibly, Igbara squandered it on frivolous expenses and reckless gambling.

Thomas M. Fattorusso, IRS-CI Special Agent-in-Charge

Based on the information from the U.S. Department of Justice, Igbara ran his Ponzi scheme through a deceitful business named Halal-Capital LLC. He used this company and his social media clout to solicit funds from unsuspecting individuals. Igbara enticed victims with alluring rates and provided fabricated bank transfer confirmations as evidence of digital asset transactions.

Along with the 84-month imprisonment sentence handed down to Igbara by Judge Frederic Block, there was also an order requiring him to forfeit a sum of ten million dollars due to his criminal offenses.

World governments clampdown on crypto fraud

Igbara’s belief, strongly emphasized, highlights a collective international initiative to root out crypto scams and deceitful individuals from the digital currency marketplace. The founder of FTX, Sam Bankman-Fried, received a 25-year sentence for swindling customers out of billions in both cash and cryptocurrencies.

According to crypto.news, Google is filing lawsuits against individuals who created fraudulent cryptocurrency apps, using them to swindle funds from over 100,000 unsuspecting investors worldwide.

In Asia, authorities in India and South Korea have initiated crackdowns on individuals engaging in fraudulent activities related to cryptocurrencies. The Indian Enforcement Directorate has revealed a list of approximately 299 entities currently under investigation.

Simultaneously, South Korean authorities arrested two individuals on suspicion of swindling an elderly person out of approximately $4.1 million by employing bogus cryptocurrency investment schemes.

I observed a noteworthy decrease in the volume of illicit virtual currency transactions according to TRM Labs’ findings for the previous year. The data revealed a reduction from approximately $49.5 billion in 2022 to around $34.8 billion in 2023.

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2024-04-25 21:02