Ukrainian Fraudsters Pose as Police to Extort $250,000 in USDT from Businessman

In a brazen scam, criminals impersonating police officers extorted $250,000 in stablecoin from a Ukrainian businessman. The fraudulent scheme involved threats of fabricated criminal charges, leaving the victim with no choice but to comply.

According to a September 2 press release from the National Police of Ukraine, the incident occurred in May when a 20-year-old online business owner reported being coerced by men pretending to be police officers. The impostors intimidated him with false accusations of collaborating with Russia and threatened him with lengthy imprisonment on fabricated charges of state treason.

The extortionists offered to “resolve” the fake case for $250,000, leading the victim to transfer 250,000 Tether (USDT) to their crypto wallet. After receiving the funds, the perpetrators quickly converted the stolen money through an exchange service.

“Officers from the internal security unit and cyberpolice experts identified the extortionists, who turned out to have no connection to law enforcement agencies.”

A coordinated investigation by the Kyiv National Police and the Kyiv City Prosecutor’s Office identified four suspects residing in Kyiv and the surrounding region. Law enforcement executed simultaneous raids across Kyiv and other areas, targeting the suspects’ homes, vehicles, and other assets.

During these raids, items seized included bank cards, computers, mobile phones, luxury vehicles, counterfeit press credentials, ammunition, and nearly $8,600 in cash. The suspects now face charges that could result in up to 12 years in prison and the confiscation of their property.

This crackdown follows a mid-August case where the Economic Security Bureau of Ukraine charged a well-known Ukrainian blogger with evading over $5 million in taxes through a complex scheme involving cryptocurrency transactions. The blogger, famous for his activities in web traffic arbitration and affiliate marketing, allegedly used a sophisticated operation to conceal substantial income from various online sectors, including gambling, dating, betting, and health products.

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