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They recognize funds in Bitcoin from a scam in a commercial support plan for COVID-19

August 14, 2020

A British woman was arrested in possession of Bitcoin (BTC) worth £ 115,000 (US $ 150,000)., according to a report by metropolitan police. Cryptocurrencies are said to be the product of a fraudulent program that sought government loans to help small businesses following the coronavirus pandemic.

12. August The 35-year-old woman was arrested on suspicion of fraud, money laundering and child neglect, when registering a residential address in Ipswich, UK. The next day, the officials successfully requested the arrest of bitcoin funds stored in the suspect’s crypto wallet.

The investigation that led to the arrest had revealed a series of fake bank accounts that received the proceeds from various fraudulent “payback loan” applications (“Bounce Back Loans”). This plan was launched by the UK government to help small businesses affected by the pandemic.

They recognize funds in Bitcoin from a scam in a commercial support plan for COVID-19They recognize funds in Bitcoin from a scam in a commercial support plan for COVID-19

That money was used to buy bitcoin worth $ 150,000that were kept in the suspect’s wallet.

Detective Sergeant Ian Barret of the Metropolitan Police’s Proactive Money Laundering Team condemned such behavior, saying:

“It is terrible that people are taking advantage of the government support that is available to those who really need it in these difficult times.”

And it’s not just the government that is being attacked by criminals during the pandemic. As Cointelegraph reported, The UK authorities have warned citizens to prevent fraudsters from taking advantage of the crisis to mislead citizens.

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