- Garda Siochana exposes international money laundering syndicates tied to a Chinese gang.
- Over €3.25 million in cryptocurrency seized during the BlackRock raid linked to fraud rings.
- European crackdown targets complex scams involving Chinese criminals and money mules.
Ireland’s national police force, Garda Siochana, has initiated an investigation into a sophisticated crypto scam linked to international money laundering. Authorities uncovered that the operation was orchestrated by a Chinese criminal syndicate laundering funds through Ireland. Garda seized over €3.25 million in cryptocurrency €20,000 in cash, along with multiple digital devices and documents, and arrested two suspects believed to be connected to the scheme.
A significant part of it is thought to have come from online frauds, including the popular ‘pig butchering’ scams. The investigation, which involved several European police services has unveiled a sophisticated fraud and money laundering structure.
Dublin Raid and Arrests
The latest report indicates that the Republic of Ireland police force, the Garda Siochana, the Criminal Assets Bureau, and Europol carried out a search in BlackRock, Dublin. Officials identified signs of internal and external fraudulent activities in over 15 European countries. These transactions are believed to be part of an extensive money-laundering operation that may include so-called money mules. Money mules are people used by criminals to move money between accounts, making it seem legal.
The magnitude of the operation suggests that it was organized by a well-structured criminal organization that is associated with the Chinese. This is not the first time such a thing has occurred.
Rising Crypto Fraud Cases
In the last few months, similar scams have been reported from different parts of the world. This year, the Philippine authorities also closed a Chinese-run scam center that targeted victims with crypto and romance scams. In April, a Chinese national was arrested in the UK for defrauding over 130,000 people out of $5.6 billion through investment frauds.
$228M Crypto Scam Unfolded in South Korea: 215 ArrestedSuch cases are becoming increasingly frequent, and that is when people start getting worried. Criminal groups, especially the Chinese, have been using cryptocurrencies to move their money across borders. In November, Daren Li, who holds Chinese and St. Kitts and Nevis passports, admitted to laundering $73 million. The money was part of pig butchering scams.
The authorities are still conducting their probe into the operation as more people fall victim to cryptocurrency scams. The Ireland crackdown is the most recent action in the fight against cryptocurrency scams. This is part of an ongoing global campaign against money laundering.
