Indonesian authorities have successfully dismantled a crypto romance scam syndicate that targeted victims on popular dating apps, duping them into investing in a fake cryptocurrency trading platform.
Crypto Romance Scam Exposed
The Metro Gambir Police in Central Jakarta arrested 20 suspects in connection with the elaborate scam, which primarily targeted middle-class women, including professionals such as lawyers and doctors from the Philippines, Vietnam, and Thailand.
The scammers used fake profiles on dating platforms like OkCupid, Bumble, and Tinder to approach their victims, feigning romantic interest to gain their trust. Once the trust was established, they moved the conversations to WhatsApp, where they pitched a dubious cryptocurrency trading platform called Wish.
According to Rezeki R. Respati, Head of Metro Gambir Police in Central Jakarta, the investment schemes promised returns of up to 25%, and victims were asked to deposit funds via the fraudulent platform.
Investigation and Seizure of Evidence
The scam has been active for over two months, and the total extent of losses incurred is yet to be determined as authorities continue their investigation. Investigators have seized financial records and other evidence related to the fraudulent crypto transactions.
Among those apprehended, three individuals were believed to be the masterminds behind the scheme, while the rest played supporting roles in executing the fraud. Authorities are also searching for one suspect, AJ, believed to be a foreign national from China.
Ties to China and Global Crypto Scams
Crypto scams with alleged Chinese links have surged across multiple jurisdictions in the past year. Some notable cases include:
- A Chinese-run scam centre that operated crypto and romance scams was shut down by Philippine authorities, resulting in the arrest of 100 individuals involved.
- Indian authorities shut down two major scams in 2024, including the HPZ token scam and the DataMeer trading platform, which defrauded locals of inr 10 million.
- Irish law enforcement seized $3.42 million worth of cryptocurrency, believed to be loot from pig butchering scams operated by a Chinese criminal gang.
These cases highlight the growing concern of crypto scams with alleged ties to China. As the cryptocurrency market continues to evolve, itβs essential for investors to remain vigilant and cautious of potential scams.
To stay safe, consider the following tips:
- Be cautious of unsolicited investment opportunities, especially those that promise unusually high returns.
- Verify the authenticity of investment platforms and research their reputation online.
- Avoid sharing personal or financial information with unknown individuals.
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