Law Enforcement | FinTelegram News

Category: Law Enforcement

September 6, 2024

Germany: Accomplices in Fraudulent Cyber Trading Platforms Charged by Karlsruhe Prosecutor!

The Baden-Württemberg Cybercrime Center in Germany has announced that it charged three suspects linked to an international fraud scheme that cost over 820 victims more than €5 million. The case marks a significant step in combating organized cyber trading fraud but underscores the growing complexity of such operations that often rely on an international division of labor.

September 6, 2024

Breaking: Explosive Money Laundering Case of Turkish Influencers!

The high-profile case of Turkish influencers Dilan Polat and Engin Polat has gripped the public attention in Turkey. The couple, known for their lavish lifestyle on social media, now faces serious charges of money laundering and operating an illegal betting ring. Appearing before the Anadolu 2nd Criminal Court alongside 28 other defendants, the Polats vehemently denied all accusations. If convicted, the couple could face up to 40 years in prison.

September 5, 2024

Cyprus Ex-Transport Minister Charged with Money Laundering in Golden Passport Scandal!

Former Cyprus Transport Minister Marios Demetriades faces serious charges linked to the controversial Golden Passport Program, including money laundering, corruption, and bribery. Authorities allege Demetriades manipulated the naturalization process, granting citizenship through the Citizenship by Investment Scheme. The Cyprus law enforcement is investigating over 20 cases of naturalizations acquired under this scheme.

August 31, 2024

U.S. DOJ Launches New Corporate Whistleblower Program to Tackle Corporate Crime!

While financial regulators around the world have relied on whistleblower systems for many years to obtain inside information about financial wrongdoing and regulatory violations, the U.S. Department of Justice (DOJ) has only recently implemented a corporate whistleblower program that also pays for tips. This is to help the world's most influential law enforcement agency to act more effectively against corporate crime.

July 28, 2024

Seven Banks Collaborate with UK Law Enforcement to Combat ‘Dirty Money’

The fight against money laundering is high on the international community's agenda. In a groundbreaking initiative, seven major banks, including Barclays, Lloyds, and NatWest, are sharing customer data with the UK’s National Crime Agency (NCA) to combat organized crime, fraud, and money laundering. This project is the largest of its kind globally and aims to curb the flow of illicit funds through Britain, Reuters reports.

July 22, 2024

INTERPOL Operation Jackal III Strikes Major Blow Against West African Financial Crime!

A recent global law enforcement initiative, Operation Jackal III, has significantly disrupted West African organized crime syndicates, including the notorious Black Axe group. This extensive operation, which lasted from April 10 to July 3, 2024, involved 21 countries across five continents and led to substantial arrests and asset seizures. Again, cryptocurrency has played a crucial part in these cybercrime operations.

July 19, 2024

The Ransomware War: Two Foreign Nationals Plead Guilty to LockBit Ransomware Involvement

In one of the largest ransomware cybercrime cases, two Russian nationals have pleaded guilty to participating in the notorious LockBit ransomware group. At its peak, this group was considered the most prolific and destructive ransomware variant globally. This group is known for launching attacks on various entities, including businesses, hospitals, schools, and even government agencies in the United States and internationally.

July 14, 2024

Hall of Shame: The Disgraced Dutch Judicial System And the Money Laundering Charges Against Payvision and Tornado Cash!

The Netherlands is increasingly becoming a worldwide legal disgrace, particularly in the realm of financial crime. The Dutch judicial system appears to be fundamentally flawed and biased, as evidenced by the comparative analysis of the Tornado Cash and Payvision cases. Dutch prosecutors investigated both cases. One was settled out of court and one was tried. This disparity underscores a failure or even an abuse of the Dutch judicial system.

EPPO
Italy

July 14, 2024

Italy: EPPO Seizes Assets in €1.3 Million Fraud and Money Laundering Investigation

In an anti-money laundering operation spearheaded by the European Public Prosecutor’s Office (EPPO) in Naples, the Italian Financial Police (Guardia di Finanza) have enforced a freezing order totaling €1.3 million. This action targets four companies and their respective legal representatives, all of whom are suspected of engaging in fraud, embezzlement, and money laundering. Unfortunately, EPPO has not provided any names.

July 11, 2024

BitMEX Pleads Guilty to Money Laundering Violations, Highlighting Persistent Compliance Issues in Crypto Industry!

The U.S. Attorney for the Southern District of New York has announced that HDR GLOBAL TRADING LIMITED, a/k/a BitMEX, a prominent cryptocurrency exchange and derivatives trading platform, has pled guilty to charges of violating the Bank Secrecy Act (BSA). This admission underscores significant lapses in the exchange's anti-money laundering (AML) protocols, which have been a point of contention for regulatory authorities.

July 5, 2024

French and Spanish Authorities Dismantle Chinese Money Laundering Network

On July 5, 2024, Europol announced that in an international law enforcement action against organized crime, French and Spanish authorities had arrested five members of an alleged Chinese money laundering network operating across Europe. The joint law enforcement operation, supported by Europol, highlights the network's extensive capacity to smuggle over €1 million in cash daily.

July 3, 2024

An Open Letter to the FBI: Addressing the Persistent Threat of the PayBack Scheme

As a concerned entity dedicated to the fight against financial fraud, we at FinTelegram commend your recent efforts in seizing one of the websites associated with the notorious Israeli money collection scheme, PayBack, also known as MoneyBack. This operation, led by Israelis Amir Geva and Daniel Poleb, has been masquerading as a legitimate fund recovery service while allegedly defrauding countless victims. However, this recent seizure is just one step in dismantling an extensive and multifaceted fraudulent network.

Paxum Bank: The Offshore Bank for the Porn Industry!

Paxum Bank, an offshore financial institution based in Dominica, has found itself at the center of controversy due to its connections with high-risk industries and recent revelations about its relationship with the embattled Tate brothers. Specializing in serving the adult entertainment sector, the bank has become a key player in providing financial services to businesses often shunned by traditional banks. However, this niche focus has also drawn scrutiny from regulators and investigators.

Tate Brothers Case: The Misogynist Influencers Used Offshore Accounts to Launder Proceeds from Sexual Exploitation!

New evidence suggests that the influencer Andrew Tate and his brother Tristan Tate used offshore accounts, including Paxum Bank, to conceal profits from their controversial webcam business. The Tates are facing serious charges, including human trafficking and money laundering. This case highlights the need for robust AML/KYC practices, particularly for payment processors in high-risk sectors like adult entertainment.

UK FCA Charges First Individual for Operating Illegal Crypto ATM Network for Money Laundering!

The UK Financial Conduct Authority (FCA) has charged London-based Olumide Osunkoya with running an illegal crypto ATM network, marking the first case of its kind in the UK. As crypto ATMs are increasingly used for money laundering, the FCA's crackdown on unregistered operators underscores the need for strict regulatory compliance. The ATM scheme allegedly processed £2.6 million in crypto transactions.

Public-Listed Crypto Exchange Coinbase Has to Face Shareholder Lawsuit Over SEC Risks!

U.S. crypto exchange Coinbase must face a shareholder lawsuit accusing it of downplaying regulatory risks, specifically the chances of being sued by the SEC. While a U.S. judge dismissed parts of the case, the key allegation of misrepresenting regulatory risks will proceed. This case underscores the importance of transparency in the crypto sector, where regulatory uncertainties continue to loom large, particularly in the U.S.

U.S. Regulator SEC Charges Seven Public Companies for Violating Whistleblower Protection Rules!

The U.S. Securities and Exchange Commission (SEC) charged seven public U.S. companies with using agreements that restricted employees from reporting securities law violations, resulting in over $3 million in penalties. The SEC takes strict action against organizations and individuals who seek to contractually restrict whistleblowers' rights. The regulator needs insiders to disclose financial wrongdoing and compliance violations.