On Monday (September 2), in Ukraine, police arrested a criminal cabal that is alleged to have extorted $250,000 in the Tether (USDT) stablecoin from an entrepreneur.
They carried out the scheme by posing as law enforcement officials and threatening the victim with criminal charges for a crime he never committed.
Fake Police Scare Entrepreneur Into Handing Over $250,000 After Falsely Accusing Him Of Collaborating With Russia
Breaking news: 🗞
Ukrainian police have arrested a criminal group posing as law enforcement officers to extort $250,000 in Tether (USDT) from a businessman. 💵⚖️ pic.twitter.com/j4VpFaKdbv
— Eneko (@Enek_T) September 3, 2024
A statement from the Ukraine National Police and its Cyber Police Unit claims that the four suspects now face up to 12 years in prison if found guilty.
The plot was carried out in May of this year. The victim, a 20-year-old online business founder, made a report to law enforcement that unknown individuals had impersonated police officers.
It’s alleged that the gang intimidated the entrepreneur by accusing him of collaborating with Russia. They then proceeded to threaten him with a lengthy prison sentence for treason.
They then went on to offer the victim a deal. In exchange for $250,000, paid in USDT, the group claimed that this would “settle the issue.”
The entrepreneur, believing the group, complied with the demands out of fear of legal repercussions. He transferred 250,000 USDT to a crypto wallet controlled by the fake police officers.
The statement claims that the criminals quickly moved the stolen funds through a crypto exchange.
Four Suspects Were Quickly Apprehended In Ukraine And Found With Fake IDs, Bullets & Cash
Ukrainian fraudsters posing as police extorted $250,000 in USDT by threatening a businessman with fake charges. Four suspects were identified and raided, revealing cash, luxury items, and fake credentials.#Ukraine #CryptoFraud #USDT #Cybercrime #ScamAlert #CryptoNews
— TheLazyDesigner (@cuttie_nft) September 2, 2024
Cyber police officers were able to track the movement of the crypto assets. It quickly identified the suspects who, unsurprisingly, had no official ties to law enforcement. Investigators from the State Police in Kyiv then conducted a coordinated operation to apprehend the quartet.
Searches were carried out across multiple parts of Ukraine. Namely, Kyiv, the Kyiv region, and the Cherkasy region.
Law enforcement targeted the homes and vehicles of the suspects and their family members. Authorities seized bank cards, computer equipment, mobile phones, luxury cars, fake journalist IDs, ammunition, and cash totaling $7,000.
The statement from the Cyber Police in Ukraine finishes by saying they are now checking to see if the four individuals were involved in committing other similar crimes.
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