Three men, including two Nigerians, have been sentenced to prison in the United Kingdom after masterminding a sophisticated cryptocurrency fraud scheme that swindled eight victims out of more than £4 million (about ₦7.4 billion) by posing as police officers and tricking them into surrendering their digital assets.
The Metropolitan Police, which announced the convictions, said the fraudsters used fake police websites, cloned identities and an elaborate international money laundering network to steal and conceal millions of pounds in cryptocurrency while living lives of extraordinary luxury.
The convicts were identified as Anthony Ikenwe, 29, Kevin Nwamma, 25, and Hamza Bashir, 23.
According to investigators, the trio telephoned victims while pretending to be police officers, falsely claiming that their cryptocurrency wallets had been compromised. Victims were persuaded to disclose sensitive account details or transfer their holdings into what they believed were secure police-controlled wallets.
Instead, the cryptocurrency was immediately diverted into wallets controlled by the gang and laundered through a sophisticated financial network spanning multiple jurisdictions.
The investigation, which began in January 2025 after several victims reported the scam, relied on blockchain analysis, financial records, communications data, cryptocurrency exchange information and internet service provider records to expose what detectives described as a highly organised criminal enterprise.
Investigators linked numerous fake identities, telephone numbers, fraudulent police websites, cryptocurrency wallets and spending patterns, revealing that what initially appeared to be separate fraud incidents were, in fact, the work of a single coordinated syndicate.
Police said the gang financed an extravagant lifestyle with the stolen money despite having little or no legitimate source of income. One of the convicted men reportedly declared an annual income of just £444, yet investigators uncovered evidence of lavish spending on luxury vehicles, designer clothing, Rolex watches and exclusive international holidays.
The investigation further revealed that the syndicate purchased a luxury vehicle worth nearly £60,000 using cryptocurrency and concealed approximately £500,000 in cash inside a safety deposit box in Dubai.
Detectives also traced expensive trips to Thailand, Japan, Paris, Mykonos, the Maldives and the Seychelles, alongside frequent shopping sprees at world-renowned luxury retailers including Harrods, Hermès and Louis Vuitton.
During coordinated police searches, officers recovered luxury goods valued at more than £26,000, while forensic examinations of seized electronic devices uncovered extensive evidence linking the suspects to the fraud.
Investigators also recovered more than £1 million directly connected to the victims’ stolen cryptocurrency, including digital assets traced to wallets controlled by Ikenwe.
Financial investigators further connected criminal proceeds to Nwamma after tracing transfers from cryptocurrency wallets containing stolen funds into bank accounts linked to his luxury chauffeur and transport business, which police believe was used to disguise and launder illicit proceeds.
On November 20, 2025, Metropolitan Police officers executed coordinated raids across seven properties in London and Essex, arresting all three suspects and seizing about 40 mobile phones, cryptocurrency assets, luxury items and numerous digital devices.
Ikenwe and Nwamma pleaded guilty in April to conspiracy to defraud and money laundering offences, including four counts of converting criminal property. Bashir initially denied the charges and opted for trial but changed his plea to guilty on the eighth day after prosecutors presented what police described as overwhelming evidence.
At Southwark Crown Court, Ikenwe and Nwamma were each sentenced to six years’ imprisonment for conspiracy to commit fraud and five years for money laundering, with both terms to run concurrently. Bashir received three years and nine months for conspiracy to commit fraud and three years for money laundering, also to run concurrently.
Detective Inspector Geoff Donoghue of the Metropolitan Police’s Cryptocurrency Team described the operation as one of the force’s most complex cryptocurrency investigations.
He said the defendants systematically exploited victims’ trust by impersonating police officers before using stolen wealth to bankroll extravagant lifestyles, adding that detectives painstakingly tracked millions of pounds through blockchain technology and financial intelligence to dismantle the criminal network.
Donoghue warned that criminals should no longer assume cryptocurrency provides anonymity, stressing that modern law enforcement agencies now possess the capability to trace digital assets, seize illicit wealth and bring cybercriminals to justice.
The Metropolitan Police said investigations are continuing with UK and international law enforcement partners to identify additional suspects involved in the conspiracy and recover more criminal assets for the benefit of victims.