Italian and Portuguese authorities, with support of Europol and law enforcement agencies from six countries, have dismantled two networks of money-mule recruiters associated with a criminal organization specializing in cryptocurrency scams.
The criminal organization in question specialized in ‘rip-deal’ scams, targeting affluent individuals looking to invest or sell properties. Investigators revealed that the criminals laundered the illicit proceeds through criminal networks that recruited money mules.
The scheme involved scammers posing as representatives of an international investment fund to trick potential victims into investing their money. After establishing communication, the scammers instructed victims to download specific cryptocurrency management apps. Through these apps the fraudsters hijacked victims’ crypto wallets and stole their funds.
The law enforcement operation resulted in a series of coordinated raids on May 21 and May 27 in France, Italy, and Romania that led to the arrest of 11 individuals, including the mastermind behind the money laundering scheme. Authorities also conducted 15 house searches, seizing numerous electronic devices, jewelry, and significant amounts of cryptocurrency.
Original Source: https://www.europol.europa.eu/media-press/newsroom/news/crackdown-money-mule-service-providers-laundering-over-eur-10-million
Cyber Law and Cybercrime Investigation Blog: Immuniweb