An elderly woman has been arrested in Ireland over a cryptocurrency scam

According to Dublin Live reports, a 60-year-old woman was arrested on Thursday in Dublin, Ireland, on suspicion of defrauding an investor of $1.1 million. The suspect remains in custody at Irishtown Garda station as the investigation continues.

60-year-old woman arrested over $1.1 million crypto scam

This woman allegedly acted as an investment intermediary without authorization. She tricked an unsuspecting victim into transferring her one million euros under the guise of crypto investment.

During the investigation, it was determined that part of the stolen funds were converted to cryptocurrency purchased on an exchange. The rest of the money was deposited into the woman’s offshore bank account.

After working with international banks, the Garda National Economic Crime Bureau (GNECB), Ireland’s national police division specializing in economic crime investigations, found victims and returned half of them.

Last April, Irish police began investigating a surge in Bitcoin-related cases that allegedly affected some of the country’s high net worth individuals.

The Irish Banking and Payments Federation issued a fraud warning to crypto buyers in May. In 2019, Irish crypto exchange Bitsane disappeared with millions of euros in an apparent exit scam.

In the same year, the Bank of Ireland came under intense scrutiny after US prosecutors allege that its accounts were used to launder nearly $300 million by the operators of the infamous OneCoin Ponzi scheme.

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