A 60-something was recently arrested in Dublin, Ireland for her alleged involvement in a €1 million ($1.1 million ) crypto scam. 

According to a report by DublinLive, the woman was arrested on suspicion of scamming an investor out of €1 million in a plot involving cryptoassets. The unnamed suspect is reportedly being held in detention at Irishtown Garda Station while the investigation unfolds. 

The report claims the woman allegedly served as an investment intermediary without authorization, tricking the victim into transferring her one million in euros under the belief that it would be invested in crypto. Authorities say a portion of the stolen funds were used to purchase cryptoassets, while the rest was sent to offshore bank accounts belonging to the suspect. 

The Garda National Economic Crime Bureau (GNECB) which”is a specialised division of Ireland’s national police force, the Garda Síochána, that investigates economic crimes” — worked with several international banks and managed to return half of the stolen funds to the victim.

According to a report by U.Today, “last April, the Irish police started investigating an uptick in cases related to Bitcoin that reportedly affected some of the country’s high-net-worth individuals,” which led the Banking and Payments Federation Ireland to issue a fraud warning for crypto buyers in May 2021.

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The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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