Dummy Businesses for Money LaunderingAnnabella Cornelly
It may sound too surreal to many crypto participants, but the fact is that the recent events related to the coronavirus prove that criminals invent new ways to steal money from people as well as practice money laundering using business support schemes.
Luckily, law enforcement keeps an eye on the crypto community and is doing all possible to provide appropriate safety and security to all people. As many mass media outlets announce, the one-hundred-fifty-thousand-USD worth BTC has been used to launder money.
Official representatives claim that the criminals managed to gain the funds through various fraudulent support loan applications. They were doing it by representing themselves as individuals responsible for financial sectors yet they were running a number of dummy businesses.
Law enforcement officers arrested a woman originally from the U.K. who possessed one hundred and fifteen thousand GBP of the top-ranked cryptocurrency. Police refer all those keeping track of the event to thereport where we can see that the funds appeared to be the proceeds of a fraudulent scheme.
Individuals applied for loans distributed by the government. Their main purpose was to assist people owning and running small businesses – all these individuals suffered during the coronavirus crisis and needed financial assistance. The mentioned female is a thirty-five-year-old U.K. resident. She is a suspect of money laundering and there are cases of fraud in her criminal history.
The list of committed crimes includes child neglect. The woman is accused of several other crimes and the police officers managed to successfully apply for the detention of the cryptocurrency kept on the suspect’s BTC account on Thursday.
Illegal Practices Lead to Arrests
After the investigation process has been finished, law enforcement officers arrested the criminal and uncovered several mule accounts at banks. They also revealed a few fraudulent applications for loans. The support program was launched by the government and all small business owners who suffered from the pandemic could apply for financial assistance.
These funds were taken to purchase cryptocurrency. In total, the criminals received one hundred and fifty thousand USD. According to the reports, the suspects stored the stolen money in their crypto wallets.
Officials claim that it is appalling of individuals to take advantage of the support delivered by the government. This is illegal and totally unacceptable to steal funds from the population and those who need financial assistance to support their families and restore after the pandemic.
Authorities warn that criminals are targeting not only the government. As a matter of fact, the pandemic made criminal groups more active than ever. Many scammers use various schemes and programs to attract people and make them transfer money to support non-existent organizations and projects.
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