A British resident and two Nigerians have been sentenced to a combined 28 years and nine months in prison in the United Kingdom after being convicted of a cryptocurrency fraud scheme that stole nearly £5 million (about ₦7.4 billion) from victims.
The convicts Hamza Bashir, 23, a British resident from Wimbledon, London, Anthony Ikenwe, 29, and Kevin Nwamma, 25, were found guilty of conspiracy to commit fraud and money laundering at Southwark Crown Court on Thursday.
According to the Metropolitan Police, the trio posed as police officers and contacted victims, falsely claiming that their cryptocurrency accounts had been compromised. They then convinced victims to disclose sensitive account details or transfer their digital assets into accounts they claimed were secure but were actually controlled by the fraudsters.
Investigators said the suspects obtained personal information of the victims from the dark web and created fake websites designed to resemble legitimate cryptocurrency platforms to steal passwords and gain access to accounts. They also impersonated cryptocurrency company employees and established fake technical support contacts to make the scam appear authentic.
During the investigation, detectives recovered a video showing one of the fraudsters speaking to a victim while receiving instructions from a co-conspirator through Snapchat of which one of the messages read; “Tell him to try with old pass”.
Police said the proceeds of the fraud financed luxury holidays, designer watches, expensive cars and shopping trips at Harrods.
Authorities confirmed that at least eight victims lost almost £5 million in cryptocurrency, but investigators believe the total number of victims could be higher.
The investigation began in January 2025 after victims reported the fraud. Detectives analysed blockchain transactions, financial records, cryptocurrency exchange data, internet service provider records, aliases, telephone numbers, websites, cryptocurrency wallets and spending patterns.
Detective Inspector Geoff Donoghue of the Metropolitan Police’s Cryptocurrency Team described the operation as a sophisticated fraud scheme that exploited victims’ trust.
He added that investigators traced millions of pounds in stolen cryptocurrency using a diverse investigative techniques to dismantle the criminal network;
“This was a highly complex investigation into a group of calculated manipulators who exploited victims’ trust by pretending to be police officers…fraud is far from a victimless crime. Many of those targeted suffered devastating financial losses. Criminals cannot rely on sophisticated technology to hide their crimes. The Met Police remains committed to pursuing them and bringing them to justice” – Donoghue
Bashir received three years and nine months for conspiracy to commit fraud and three years for money laundering, to run concurrently. Ikenwe and Nwamma were each sentenced to six years for conspiracy to commit fraud and five years for money laundering, also with both sentences running concurrently.
Following the convictions, the Metropolitan Police urged the public to be cautious of unsolicited calls relating to their finances and advised people to end such calls immediately and contact their bank or cryptocurrency service provider directly before sharing personal or financial information.
