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UK Police Arrest Three in $20M Crypto Scam Investigation.
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The Metropolitan Police alleges that more than $20 million in stolen funds was laundered through a set of shell companies.
Three men have been arrested as part of an operation investigating a crypto scam in the UK, led by the Metropolitan Policeโs Economic Crime Command.
A spokesperson for the Met told Decrypt that the trio were detained as part of Operation Galafarm, a long-running investigation into crypto fraud that saw members of the public targeted with fake investment opportunities.
"It is alleged more than ยฃ15m ($20m) in stolen funds was laundered through a set of shell companies," the spokesperson told Decrypt.
Search warrants were executed at six addresses across the capital, and two men aged 24 and 36 were detained in Hackney, east London, on May 7.
A 36-year-old man later handed himself into detectivesโand all three have since been bailed pending further enquiries.
Crypto crime in the UK
Law enforcement agencies in the UK have been stepping up their efforts against crypto crime in recent years.