Altcoin News: Dutch Citizen Arrested for BTC Fraud Amounting to More Than $2.2 Million

May 23, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

A 33-year-old citizen of the Netherlands convinced about 100 people to invest in the purchase of computers for mining Bitcoin, which he, however, did not acquire.

According to the investigative department of the Dutch tax authority (FIOD), the defendant managed two private limited companies through which he attracted investments. He started his business in 2017, promising investors an income of about 0.3 BTC per month. When investors received neither the profits nor the promised mining computers in which they invested, several people filed complaints with the police. It is reported that the loss of investors in total amounted to more than $2.2 million.

In November 2018, FIOD and the police searched the suspect’s house and office and confiscated expensive items such as bags, shoes and a bicycle. As stated by the government agency, a man is accused of fraud, forgery and money laundering. In addition, the tax authority notes that the scammer allegedly spent investor money on luxury items such as cars, motorcycles, as well as travel and gambling.

According to FIOD, the fight against money laundering is a priority for the government, since it is one of the most “serious” crimes. For example, in January of this year, it was reported that the Netherlands plans to introduce licensing of cryptocurrency companies, including in order to counter money laundering and terrorist financing. In addition, in February of this year, the Netherlands cryptocurrency trader was attacked in his home.

Author: Marko Vidrih