United Kingdom based woman has been arrested in possession of £115,000 [around $150k] of Bitcoin [BTC], consistent with a Metropolitan Police report. The cryptocurrency is imagined to be the proceeds of a racket applying for government based loans designed to help small businesses within the wake of the COVID-19 outbreak.
The 35-year-old woman was arrested on suspicion of fraud, money laundering as well as child neglect, following the search of a residential address in Ipswich, U.K. earlier on 12th Aug. Officers successfully applied for the detention of the Bitcoin held within the suspect’s cryptocurrency wallet earlier on 13th Aug.
The investigation resulting in the arrest had uncovered a series of mule bank accounts found to possess received the proceeds of several fraudulent apps for “Bounce Back Loans.” This scheme was launched by the United Kingdom govt to help small businesses suffering from the coronavirus.
This money was then employed to purchased Bitcoin worth $150k, that was being held within the suspect’s wallet.
Detective Sergeant Ian Barret of the Met’s Proactive Money Laundering Team denounced such behavior, adding:
“For people to take advantage of government support available to those that actually require it in these unprecedented times is appalling.”
And it isn’t just the govt which is being targeted by criminals within the outbreak. As reported, United Kingdom authorities have warned citizens to avoid scammers using the crisis to defraud citizens.