60-Year-Old Woman Arrested for Over $1 Million Crypto Scam
An elderly woman has been arrested in Ireland for a cryptocurrency scam
While the elderly often become prime targets for cryptocurrency fraudsters, they can also appear on the other side of the fence.
A 60-year-old woman was arrested Thursday in Dublin, Ireland, on suspicion of defrauding a €1 million ($1.1 million) investor. Dublin Live Reports.
The suspect remains in custody at Irishtown Garda Station while the investigation continues.
The woman is said to have acted as an investment broker without a license.
She tricked an unsuspecting victim into transferring her a million euros under the guise of cryptocurrency investment.
In the course of the investigation, it was determined that some of the stolen money had been spent on cryptocurrencies bought on an exchange. The rest of the amount was transferred to the woman’s foreign bank accounts.
After working with international banks, the Garda National Economic Crime Bureau (GNECB), Ireland’s national police department that investigates economic crimes, was able to locate the victim and return half of the stolen money.
Last April, Irish police began investigating an uptick in Bitcoin cases that reportedly affected some of the country’s wealthy individuals.
The Banking and Payments Federation Ireland issued a fraud warning to cryptocurrency buyers in May.
In 2019, Irish cryptocurrency exchange Bitsane disappeared with millions of euros in an apparent exit scam.
The same year, the Bank of Ireland came under scrutiny after US prosecutors alleged that its accounts were being used to launder nearly $300 million by the operators of the infamous OneCoin Ponzi scheme.