Three London men who posed as police officers have been jailed after stealing more than £4 million ($5.4 million) in cryptocurrency from eight victims, spending the money on luxury goods, travel, and a car worth nearly £60,000 (about $80,000), the International Business Times reported.
What happened?
Each victim was reportedly told by phone that their cryptocurrency was at immediate risk and needed to be protected.
The callers, pretending to be police officers, urged cryptocurrency holders to quickly transfer assets into an account described as secure — but the wallets actually belonged to the scammers.
According to the Metropolitan Police, victims were directed to sites designed to resemble official police webpages. Once the cryptocurrency reached the gang's wallets, it was immediately transferred to other wallets and accounts.
On Nov. 20, after nearly a year tracing the stolen funds, officers raided seven properties in London and Essex.
They arrested Anthony Ikenwe, 29, of Bata Mews, East Tilbury; Kevin Nwamma, 25, of Clarendon Road, Watford; and Hamza Bashir, 23, of Beverley Way, Wimbledon.
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The investigation began in January 2025, the Met said. Police noted that one of the suspects declared annual earnings of just £444 (about $593), yet investigators found extensive evidence of expensive travel and shopping.
They said the stolen crypto helped fund trips to Thailand, Japan, Paris, Mykonos, the Maldives, and the Seychelles, along with purchases at Harrods, Hermès, and Louis Vuitton.
During the investigation, officers recovered 40 mobile phones, more than £26,000 (about $34,760) in luxury items, and about £500,000 (about $668,471) in cash from a safe deposit box in Dubai.
Why does it matter?
The scam relied on someone convincingly claiming to be working on behalf of law enforcement.
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Victims were pressured to act quickly under the guise of official protection.
Once a crypto transfer is approved, getting the money back is often difficult.
Police said they recovered around £1 million, though that was a small share of the total stolen.
What can I do?
Any unsolicited caller who says they are with the police and directs you to move money into a "safe" account should be treated as a scammer.
Law enforcement agencies do not ask people to hand over seed phrases or private keys, and they do not demand rushed transfers supposedly for safekeeping.
If you get a call like that, end it — then look up the organization's official number yourself and call them using publicly listed contact information. Never rely on phone numbers, links, or websites provided during the original call.
Crypto holders can also reduce their risk by enabling two-factor authentication, keeping seed phrases offline, and double-checking wallet addresses before sending funds.
If something feels rushed, that alone should raise concerns.
If a scam does happen, report it immediately to the exchange or platform involved and to law enforcement.
Quick reporting does not guarantee recovery, but it can improve the chances of freezing funds before they are moved again.
As Detective Inspector Geoff Donoghue of the Met's Cryptocurrency Team said, "Criminals should be under no illusion, policing is evolving alongside technology."
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