Two Nigerians Busted in UK for £4 Million Cryptocurrency Scam
Two Nigerians, Chibuzor Ikenwe (29) and Chukwuemeka Nwamma (25), along with Hamza Bashir (23), have been sentenced to prison in the United Kingdom after masterminding a cryptocurrency scam that swindled eight victims out of more than £4 million.
According to investigators, the trio posed as police officers and contacted victims with false claims that their cryptocurrency wallets had been compromised. They convinced their targets that the only way to protect their digital assets was to transfer them into so-called “secure police accounts” or hand over sensitive account details.
To make their scheme appear legitimate, the suspects reportedly created fake police websites and used a sophisticated money-laundering network to move the stolen funds.
The scam came to light in January 2025, when several victims alerted authorities. Detectives pieced together the operation using blockchain analysis, financial records, and mobile phone data, eventually linking the suspects to an organised criminal network.
Detective Inspector Geoff Donoghue described the group as “calculated manipulators” who exploited the trust of unsuspecting victims by pretending to be law enforcement officers. He added that the stolen money was used to bankroll an extravagant lifestyle.
During coordinated raids across London and Essex, police recovered around £1 million believed to be linked to the fraud. Officers also seized 40 mobile phones, cryptocurrency assets, luxury items, and high-end goods.
Ikenwe and Nwamma were each sentenced to six years in prison for conspiracy to commit fraud and an additional five years for money laundering. Bashir received three years and nine months for conspiracy to commit fraud, along with three years for money laundering.
Investigators revealed that the gang splashed the stolen money on luxury cars, Rolex watches, designer shopping sprees, and lavish holidays. In a striking detail, one of the convicted men had officially declared an annual income of just £444, a figure that stood in sharp contrast to his extravagant spending.
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