British police arrest three people in a $20 million crypto fraud investigation

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Three men have been arrested as part of an operation to investigate crypto fraud in the UK, led by the economic crimes command of metropolitan police.

A Met spokesman said Decryption The trio was taken into custody as part of Operation Galafarm. Operation Galafarm is a long-term investigation into crypto fraud that saw public members targeting fake investment opportunities.

“It is said that more than 15 million pounds ($20 million) of stolen funds have been washed through the shell company,” the spokesman said. Decryption.

The search warrant was executed at six addresses in the capital, with two men, ages 24 and 36, being detained in Hackney, East London on May 7th.

The 36-year-old man later handed himself over to the detective. And all three have since been bailed out after further inquiries were pending.

British Cryptocrime

UK law enforcement has been stepping up efforts against crypto crime in recent years.

The government, like national criminal institutions, gives police the authority to “seize, freeze, and destroy” “digital assets used by criminals.”

Meanwhile, the NCA estimates show that up to $5.1 billion worth of illegal crypto transactions are linked to the UK every year.

Data from Arkham Intelligence suggests that the UK government currently has over 61,000 BTC seized from criminals. This is worth more than $6.1 billion after cryptocurrency returned to six-figure territory earlier this week.

However, last week, the Treasury Economic Secretary confirmed that the UK has no plans to follow in Donald Trump’s footsteps by creating a strategic Bitcoin reserve.

Rep. Emma Reynolds said Financial Times Digital Asset Summit: “I don’t think it’s right for our market. I understand that that’s what the US is aiming for, but that’s not our plan.”

The government is facing doubts as to why they are not selling Bitcoin in detention to strengthen their finances in an age of controversial welfare cuts, including winter fuel payments given to pensioners.