Due to the increasing number of Bitcoin-related scam cases targeting high-net-worth individuals in the country, the Irish police are on high alert. This situation has become worrying because the authorities have noticed suspicious high-value transactions.
Authorities have searched a property related to one of the suspects
According to a report in The Irish Times, the Irish police (Gardaí) investigated what they believe is a major crypto scam whose criminals may reside in the country. A local bank has raised concerns about a suspicious transaction of 500,000 euros ($586,500) from a dormant account.
After Gardaí asked older customers, he hoped to invest so much money in crypto business opportunities that he believed to be legitimate, and then he accepted the police’s advice that he should not send fiat currency.
But according to media reports, it seems that before other similar transactions took place, they took action to prevent the transfer of 500,000 euros to criminals’ wallets. In fact, the victim wanted to exchange the money into cryptocurrency and then deposit it in the Bitcoin (BTC) wallet allegedly belonging to the scammer.
Although no one has been arrested as of press time, the Irish police have searched for a property allegedly related to some suspects in southern Dublin.
The report said that the authorities found and seized mobile phones, computers, cash, designer handbags and jewelry.
In addition, the focus of the investigation is how criminals (some of whom are allegedly foreigners living in Dublin) approach the victims and gain their trust.
Overseas authorities are assisting the Irish police in their investigation
The police are concerned about the whereabouts of some of the funds received by the ostensible bitcoin scammers as they try to determine how much money to convert into legal tender and whether to deposit the money in overseas bank accounts. However, Gardaí believes that the funds may have reached “several millions”.
Pat Lordan, an officer of the National Economic Crime Bureau of Garda, issued the following warning:
One case involved a retired professional from the central region who lost all his pension and saved nearly 250,000 euros. Our advice is simple: Don’t respond to unsolicited methods, don’t be vigilant about any ambitious claims, and never let anyone have remote access to your computer.
What do you think of the large-scale Bitcoin scam that took place in Ireland? Let us know in the comments section below.
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