By Mark Hunter
8 hours agoTue Dec 24 2024 10:57:28
Reading Time: 2 minutes
- Authorities have arrested a 59-year-old man in Alderley Edge on suspicion of involvement in cryptocurrency investment fraud
- The suspect was apprehended during an early morning raid by Cheshire Police’s cybercrime and economic crime units
- Officers seized several items, including a computer and mobile phone, as part of the ongoing investigation
A man in Manchester, England, received an unwelcome alarm call yesterday morning when police entered his home and arrested him on charges of crypto fraud. In a coordinated operation, Cheshire Police’s specialized units conducted a dawn raid, resulting in the arrest of a 59-year-old man suspected of orchestrating cryptocurrency investment scams. The suspect is currently being questioned on allegations of fraud, money laundering, and motor vehicle theft.
Early Morning Operation
Footage released by Cheshire Police captures the moment officers executed the warrant. Police entered the suspect’s home, found him in bed and promptly detained him. Details such as the suspect’s name and the full nature of his crimes are yet to be revealed, although Detective Sergeant David MacFarlane did comment on the operation to a local news outlet:
The warrant conducted this morning in Alderley Edge is the culmination of an ongoing investigation into a cryptocurrency investment scam which we believe has been taking place.
Detective Sergeant MacFarlane emphasized the seriousness with which fraud offenses are treated and reaffirmed the commitment to identifying individuals who exploit others for financial gain. During the operation, law enforcement officers confiscated electronic devices believed to be connected to the fraudulent activities.
Police Given New Powers
The arrest in Manchester is one of a number of high-profile arrests for crypto fraud in the UK in 2024. In June, two crypto dealers suspected of running an illegal £1 billion ($1.5 trillion) cryptocurrency exchange were arrested and bailed, a month after two others were jailed for stealing more than £5.7 million ($7 million) worth of cryptocurrency from victims all over the world through spoofing the domain of online cryptocurrency exchange Blockchain.com to access victims’ Bitcoin wallets.
In April, politicians allowed the country’s National Crime Agency (NCA) and police greater powers to seize, freeze and destroy cryptoassets, including eliminating the need for police to make an arrest before seizing crypto from a suspect.
