Cryptocurrency

Crypto prison scams pose a ‘serious and imminent public threat’, Interpol warns


Law enforcement is complicated by the transnational nature of the crime, with gangs operating across multiple jurisdictions and often out of remote, lawless enclaves in Cambodia, Laos and particularly Myanmar, where a 2021 coup has made international police cooperation even more challenging.

Earlier this week, a Thai state enterprise that was exporting electricity to neighbouring Myanmar cut off power to two border towns with notorious casino complexes that have allegedly been hosting major organised crime operations.

According to Interpol, crime rings are dramatically expanding their operations, and those they seek to traffick, beyond Asia, drawing educated professionals from around the globe through fake job offers for information technology workers or digital sales executives.

Once imprisoned in compounds, victims are subjected to forced labour, as well as beatings, sexual exploitation, torture, rape and even alleged organ harvesting in some cases, the organisation said.

A second set of victims is then targeted by schemes that include investment fraud, romance scams and frauds linked to cryptocurrency investing and online gambling.

Interpol warned that the model was now being replicated in other regions such as West Africa.

Gangs were exploiting people who lost their jobs during the Covid-19 pandemic, Isaac Espinoza, a senior Interpol official, told the Straits Times.

“These criminal groups are now targeting people who are actually highly qualified, people who have university degrees, who are trained in IT and who are tech-savvy,” he said.

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