London Police Detain Five in £1M-plus Crypto Fraud Probe

_{Photo credit: Lindsey LaMont / Unsplash.com}

On October 1, the Metropolitan Police’s Economic Crime Unit arrested five men in London, aged between 21 and 37, on suspicion of conspiracy to commit fraud involving a cryptocurrency investment scheme. 

Authorities say the suspects operated a “boiler room” fraud, running multiple fake investment platforms that solicited funds from victims globally, promising outsized returns when tokens would be listed on major exchanges. The platforms included DTX Exchange, Intel Markets, Cryptids, Algo Tech Trades, and Unilabs Finance. 

Victims are believed to span multiple countries, highlighting the cross-border nature of crypto investment scams. Police estimate that losses exceed £1 million ($1,340,280), although the actual figure could rise as more victims come forward. The suspects have been released on bail as investigations continue. 

Detective Sergeant Stephen Bourne of the Met noted the sophistication of the fraud:

These websites are highly convincing and use professional-looking content, fake endorsements, and aggressive marketing tactics to lure people in.

He added for The Standard:

We recognize the devastating impact that fraud can have on people, and that’s why we’re committed to investigating crimes of this nature and supporting those affected.

London authorities are treating the case as part of a broader effort to crack down on crypto scams, particularly those that utilize deceptive websites and high-pressure sales tactics.