The authorities in Brazil and the United States of America have seized about $24 million in digital assets from an online scam ring in a joint operation.
In a report sent to news outlets, the authorities said they got intelligence information about the activities of the online scam ring. The Brazilian law enforcement was said to have been the one in charge of the operation before they enlisted the help of the American law enforcement agency.
The scam ring was said to had swindled their unsuspecting victims of nothing less than $200 million. The investigation, which was nicknamed “Operation Egrypto,” tracked down the ring leader of the operation, Marcos Antonio Fagundes.
Fagundes and his gang were in operation for two years
In the report, the law enforcements claimed that Antonio was tracked down and arrested for allegedly running a financial institution without any legal permit from authorities. Fagundes was said to have asked his victims to invest in a nonexistent company that deals in the crypto and other securities trading.
The law enforcement said Fagundes has now been consequently charged with various offenses ranging from management fraud to money laundering. He has also been accused of violation of the securities law as well as misappropriation. Law enforcement also said that Fagundes and his co-workers took to the internet to invite victims to their platform.
Also read:Fagundes and his co-conspirators used social media and emails to bait their victims with exciting financial opportunities. They would usually promise the victims huge rewards in a short space of time, which, even though sounds illogical, is believable because of various testimonies.
After convincing them, Fagundes and his team will ask their victims to register and invest via the Brazilian fiat currency or with the use of digital assets. The report claimed that most of the ill-gotten gain swindled off the victims were shared amongst Fagundes and his crew.
Collaboration between authorities made possible through mutual legal aid treaty
A statement put forward by the United States Department of Justice on Wednesday said the gang was notorious for their Modus Operandi. The Department said the gang had used the same strategy to con so many unsuspecting victims who are either bankrupt or in serious debts. The criminal ring carried out the atrocities for two years as the operation ran from August 2017 to May 2019.
Notably, the collaboration between the law enforcement agencies of the United States of America and Brazil was made possible through the Mutual Legal Assistance in Criminal Matters Treaty.
This treaty allows the two countries to work together whenever the need arises. The report claims that many investors parted away with various huge amounts to make up about $200 million.
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