Two men have been arrested on suspicion of fraud and money-laundering connected to cryptocurrency.
The arrests followed raids of properties in London and Yorkshire carried out by the Serious Fraud Office after their first major investigation into cryptocurrency-linked fraud.
They launched an investigation following the collapse of a company which had raised over £20 million.
The company, called Basis Markets, raised their funds through two public fundraisers in 2021 which promised to use funds to create a “crypto hedge fund”.
By June 2022 investors were informed the project could no longer proceed as planned.
Following the SFO investigation and raids, two men — one in his 30s and the other in his 40s — were arrested on suspicion of multiple fraud and money-laundering offences.
Nick Ephgrave, director of the SFO, said: ”With our expanding cryptocurrency capability and growing expertise in this area, we are determined to pursue anyone who would seek to use cryptocurrency to defraud investors”.
Solicitor general Ellie Reeves MP said: “Those committing fraud aren’t just taking away from hard-working members of the public but undermining British values of fairness and playing by the rules.
“I urge anyone with information to come forward and assist the SFO with their investigations”.
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HeadlineFirst Major Crypto Fraud Arrests Following Raid
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StandfirstThe Serious Fraud Office has raided properties in West Yorkshire and London.
Two men have been arrested on suspicion of fraud and money-laundering connected to cryptocurrency.
The arrests followed raids of properties in London and Yorkshire carried out by the Serious Fraud Office after their first major investigation into cryptocurrency-linked fraud.
They launched an investigation following the collapse of a company which had raised over £20 million.
The company, called Basis Markets, raised their funds through two public fundraisers in 2021 which promised to use funds to create a “crypto hedge fund”.
By June 2022 investors were informed the project could no longer proceed as planned.
Following the SFO investigation and raids, two men — one in his 30s and the other in his 40s — were arrested on suspicion of multiple fraud and money-laundering offences.
Nick Ephgrave, director of the SFO, said: ”With our expanding cryptocurrency capability and growing expertise in this area, we are determined to pursue anyone who would seek to use cryptocurrency to defraud investors”.
Solicitor general Ellie Reeves MP said: “Those committing fraud aren’t just taking away from hard-working members of the public but undermining British values of fairness and playing by the rules.
“I urge anyone with information to come forward and assist the SFO with their investigations”.
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