Three men, including two Nigerians, have been sentenced to a combined 28 years and nine months’ imprisonment in the United Kingdom after orchestrating a sophisticated cryptocurrency fraud scheme that defrauded victims of nearly £5 million. The convicts; Anthony Ikenwe, 29, Kevin Nwamma, 25, both Nigerians, and Hamza Bashir, 23, were sentenced at Southwark Crown Court after being found guilty of conspiracy to commit fraud and money laundering.
According to investigators, the group posed as police officers and contacted cryptocurrency holders, falsely claiming that their digital asset accounts had been compromised. Victims were persuaded to disclose sensitive account credentials or transfer their cryptocurrency into what they believed were secure accounts established for their protection. Authorities said those “safe” accounts were, in reality, controlled by the fraudsters.
Investigators revealed that the syndicate sourced victims’ personal information from the dark web before using cloned cryptocurrency websites designed to mimic legitimate platforms. They also impersonated employees of cryptocurrency firms and established fake technical support channels to gain victims’ confidence.
A key piece of evidence recovered during the investigation was a video showing one suspect speaking with a victim while receiving live instructions from an accomplice via Snapchat. One of the messages reportedly read: “Tell him to try with old pass,” demonstrating the coordinated nature of the scam.
Police said proceeds from the fraud financed an extravagant lifestyle that included luxury holidays, designer watches, high-end vehicles and expensive shopping trips at Harrods. Although investigators have identified eight confirmed victims who collectively lost almost £5 million in cryptocurrency, authorities believe many more people may have fallen victim to the criminal operation.
The Metropolitan Police launched its investigation in January 2025 after receiving reports from victims. Detectives combined blockchain analysis, cryptocurrency exchange records, financial transactions, internet service provider data, communications records, telephone numbers, aliases, cryptocurrency wallet activity and spending patterns to connect offences that initially appeared unrelated.
The investigation eventually exposed an organised criminal network operating across multiple online platforms and international jurisdictions.
Detective Inspector Geoff Donoghue of the Metropolitan Police’s Cryptocurrency Team described the offenders as calculated fraudsters who exploited public trust by pretending to be law enforcement officers.
He said the specialist team painstakingly traced millions of pounds in stolen cryptocurrency using advanced investigative techniques, stressing that fraud inflicts devastating financial losses on victims. Donoghue also warned that criminals cannot rely on technology to shield them from justice, reaffirming the Metropolitan Police’s commitment to pursuing cybercriminals wherever they operate.
Ikenwe received six years’ imprisonment for conspiracy to commit fraud and five years for money laundering, with both terms running concurrently. Nwamma was handed the same concurrent sentence of six years for fraud conspiracy and five years for money laundering. Bashir was sentenced to three years and nine months for conspiracy to commit fraud and three years for money laundering, also to run concurrently.
Police have advised members of the public to remain cautious when receiving unsolicited calls concerning their finances and urged anyone contacted unexpectedly to end the conversation immediately before independently verifying the information with their bank or cryptocurrency service provider.
