A cryptocurrency fraud gang in Brazil is under investigation, with the amount involved reaching nearly 800 million dollars

ChainCatcher News: The Federal Police of Brazil, the U.S. Homeland Security Investigations (HSI), and several law enforcement partners are jointly investigating a transnational cryptocurrency fraud gang based in Curitiba, Brazil. The Brazilian Federal Police have executed 20 search and seizure warrants against the gang, whose violations include international money laundering, operating a criminal enterprise, fraud, and crimes against the national financial system.

In January 2022, after the leader of the transnational criminal organization moved from the United States to Brazil, HSI agents stationed at the U.S. Embassy in Brasília requested the Brazilian Federal Police to assist in coordinating investigations between the two countries. A subsequent investigation by Brazilian authorities revealed that similar criminal activities were taking place in Brazil, with an estimated 4 billion Brazilian reais (800 million USD) transferred through the Brazilian banking system.

The organization is suspected of deceiving investors in more than a dozen countries by falsely claiming that they had developed fully functional cryptocurrency-related financial products, while actually promoting fraudulent partnerships and licenses to trick victims into investing millions of dollars. (Source link)