Massive Cryptocurrency Scam Uncovered by Italian Authorities

Massive Cryptocurrency Scam Uncovered by Italian Authorities
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Friday 19 April 2024, 09:33 - Last updated: 20 April, 10:31
A massive cryptocurrency scam by an abusive company, which placed the digital currency through social networks, was uncovered by investigations coordinated by the Public Prosecutor's Office of Velletri, finance police of the Provincial Command of Rome and the Special Unit for Privacy Protection and Technological Frauds of Rome. More than 776 million cryptocurrencies were identified and seized, worth about 63 million euros, on charges of criminal association aimed at the unauthorized exercise of financial activity. The seizure is part of complex investigations carried out by the Economic and Financial Police Unit of the Guardia di Finanza of Rome, which allowed to identify 21 subjects (15 of whom were recipients of an immediate trial decree), based in Frascati and operating throughout the national territory. The suspects, through the use of social networks, would have promoted investments in cryptocurrencies on online platforms without the required legal authorizations. The proposed investments, with the prospect of "enlisting" new investors and attracting increasingly larger capitals, envisaged high returns on a weekly basis. An Italian company involved, by operating abusively on the market, would have created a digital currency, offered as a form of investment through its website. A seizure of the cryptocurrencies was carried out against it. One of the suspects was arrested at the Fiumicino airport just before boarding a flight to Poland.
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