As a seasoned analyst with extensive experience in international financial crimes, I’ve seen my fair share of sophisticated scams and money laundering operations. The recent seizure of over $3.42 million worth of cryptocurrency by Irish authorities, allegedly linked to a Chinese criminal syndicate, is yet another stark reminder of the global reach and complexity of these illicit activities.
Irish officials have confiscated approximately 3.42 million dollars’ worth of cryptocurrency, suspected to stem from illicit “pig butchering” operations carried out by a Chinese criminal network.
Based on information from an anonymous source as reported in the Irish Independent, a probe spearheaded by the Garda Síochána has exposed an international money laundering scheme, which is believed to be connected to a Chinese criminal organization. The operation is said to have been using Ireland as a conduit for laundered funds, primarily derived from online fraud activities.
Experts roughly calculate that a large part of these earnings stemmed from illegal activities such as swindles related to pig farming and con games based on social manipulation.
Scams known as pig butchering work by gradually winning over victims, usually through social media, and persuading them to invest progressively larger amounts into deceptive ventures, frequently involving digital currencies like cryptocurrencies. The crooks use manipulative methods to build a trusting relationship, causing victims to think the investments are genuine. In the end, they run off with the money.
During a raid in Blackrock, Dublin, investigators such as the Garda Síochána’s DMR East Division, the Criminal Assets Bureau, the Garda National Drugs and Organised Crime Bureau, and Europol confiscated approximately €3.25 million (or $3.42 million) in digital currency, €20,000 in cash, various electronic devices, and documents as part of their investigation.
During a raid, two individuals thought to have been involved in the scheme were apprehended. This action was taken after an examination of unusual financial activities spanning numerous bank accounts in more than fifteen European nations, which are believed to be instances of “money mule” activities.
China and crypto crimes
It’s been noticed that there’s an uptick in cases of Chinese individuals engaged in crypto scams. These individuals are often linked to intricate networks of cryptocurrency fraud and money laundering, which extend across national boundaries.
This year, Philippine authorities closed a fraudulent operation run by the Chinese, which specialized in cryptocurrency and romance scams. In a raid, they apprehended approximately 100 people linked to the operation.
A Chinese citizen was apprehended in the U.K. in April for swindling approximately 130,000 Chinese investors out of roughly $5.6 billion from 2014 to 2017. Meanwhile, a partner in this scheme received a six-year sentence for laundering the ill-gotten gains by using cryptocurrencies as a means to do so.
On November 12th, Daren Li, a citizen of both China and St. Kitts and Nevis, admitted guilt for his involvement in laundering approximately $73 million earned through investment and swine farming fraud schemes.
Read More
- Cookie Run Kingdom: Shadow Milk Cookie Toppings and Beascuits guide
- Cookie Run Kingdom Town Square Vault password
- 10 Hardest Bosses In The First Berserker: Khazan
- Maiden Academy tier list
- Girls Frontline 2 Exilium tier list
- `H&M’s Wild White Lotus Getaway`
- ‘White Lotus’ Fans React to That Incest Kiss: “My Jaw Is On The Floor”
- Be Happy’s Abhishek Bachchan reveals how daughter Aaradhya gives him a reality check; says he did the same with dad Amitabh Bachchan
- Wizardry Variants Daphne tier list and a reroll guide
- Russian Finance Ministry staffer calls crypto a ‘locomotive’ for development
2024-11-14 14:45