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Fake Police Crypto Gang Jailed: UK Regulators Push for Stricter Rules
Three UK men were jailed for impersonating police to steal over £4 million in crypto. The July 16 sentencing adds momentum to regulatory calls for stricter exchange rules and blockchain tracing powers.
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Three British fraudsters who posed as police officers to steal more than £4 million in crypto were sentenced July 16 at Southwark Crown Court. Anthony Ikenwe and Kevin Nwamma each received a minimum 11-year term. Hamza Bashir, who pleaded guilty mid-trial, got a shorter sentence.
The gang cold-called eight victims, claiming their money was at risk and directing them to fake Metropolitan Police websites. Once victims handed over account details, the group laundered the proceeds through prepaid shopping cards and luxury purchases – cars, Harrods trips, Hermès items – and stored £500,000 in a Dubai safety deposit box. One accomplice had an official annual income of £444.