60-Year-Old woman Arrested in a €1 Million Crypto Scam

crypto scammers

February 5, 2022

Reading Time: 2 minutes

On Thursday, Irish authorities apprehended an unexpected suspect in a €1 million crypto scam. The accused is a 60-year-old woman suspected to have acted as an investment intermediary in crypto-related fraud. If the age of this woman does not prove how crypto exposure has rapidly spread, it is a wonder what will.

Half of the Funds Were Returned to the Victim

Irish authorities have been investigating the €1 million crypto scam. The department handling the investigations is the Fraud Squad of the Garda National Economic Crime Bureau (GNECB), responsible for investigating economic crimes.

The investigation led to the apprehension of the 60-year-old woman during the Fraud Squad’s search in the south Dublin area early Thursday morning. The suspect was allegedly acting without the authority of the Central Bank and is being held at Irishtown Garda station. 

Her detainment is according to Section 4 of the Criminal Justice Act, 1984. Moreover, the suspected is accused of defying Section 9 of the Investment Intermediaries Act of 1995. The law prohibits any registered company or individual from acting as an investment business firm or claiming themselves to be one, in or outside the State, without proper authorization.

The investigations reveal that the 60-year-old woman moved the €1 million defrauded from the victim to Virtual Asset Providers and converted it to cryptocurrency. The GNECB had close to 50% of the overall investment sum frozen and returned to the victim. 

Crypto-Related Fraudsters Now Come in All Ages

The woman will stay in detainment as the agency continues with investigations. There has been a rise in crypto-related fraud in the UK since 2021. Reportedly, victims had lost over €146 million to crypto scammers by October 2021.

Usually, someone would expect that a 60-year-old woman would be a victim of crypto scammers. However, in this case, it appears as though the elderly have also identified the niche to steal funds from unsuspecting investors of the new cryptocurrency industry.

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