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London Police Busts Fraudulent Cryptocurrency Call Centre

London Police Busts Fraudulent Cryptocurrency Call Centre

London Police have shut down a boiler room recently in the city that was on a hunt to victimise people by calling them and pressurising them to invest in a fraudulent cryptocurrency that never existed.

The call centre was located and operating from the heart of London’s square mile, near the Bank of England. The call centre used to cold call potential investors and persuaded them to invest in the fake cryptocurrency which never existed.

Police arrested a man on suspicion of helping to set up the call centre which was operating its lucrative and fraudulent activities so far. The UK’s consumer fraud and cyber crime watchdog, Action Fraud, received around nine victims reports so far, estimating the losses of £160,000 in total.

The fraudsters used the recent hike and the popularity that these digital currencies like Bitcoin have received to lure the victims with the promises of huge returns. They further promised of ICOs which led to investors to swiftly become a part of the next big coin. The victims were offered access to a coin which never existed and was a part of the scam.

Many people reported these activities to Action Fraud which led to the police involvement. Mark Forster, Detective Inspector, London Police has warned people to not to entertain cold calls from such business as a legitimate company would never call or force a customer to invest on the spot.