At least two Nigerian men and an accomplice have been sentenced to prison in the United Kingdom for orchestrating a sophisticated cryptocurrency fraud that swindled eight victims out of more than £4 million (about ₦7.4 billion) by impersonating police officers and tricking them into transferring their digital assets into fake “secure police accounts.”
The Metropolitan Police, in a statement, said the convicted men — Anthony Ikenwe, 29; Kevin Nwamma, 25; and Hamza Bashir, 23 — operated an elaborate fraud and money laundering network that relied on fake police websites, fraudulent phone calls and complex cryptocurrency transactions to steal and conceal victims’ funds.
According to investigators, the trio telephoned victims while posing as police officers, falsely claiming their cryptocurrency accounts had been compromised. They then persuaded the victims to either disclose their account details or transfer their digital assets into what they believed were secure police-controlled wallets.
Instead, the victims’ cryptocurrency was immediately diverted into wallets controlled by the criminal network and laundered through an intricate financial system.
“The three men called their victims claiming to be police officers, told them their cryptocurrency was at risk and persuaded them to either provide account details or transfer the funds to what the victims believed were secure police accounts,” the Metropolitan Police said.
“In fact, the highly organised gang had designed convincing-looking police websites, and the victims’ cryptocurrency was immediately stolen and laundered through a complex financial network.”
The investigation commenced in January 2025 after several victims reported the scam. Detectives combined blockchain analysis, communications data, cryptocurrency exchange records, financial intelligence and internet service provider data to unravel what initially appeared to be unrelated fraud cases.
Investigators eventually linked common aliases, telephone numbers, fake police websites, cryptocurrency wallets and spending patterns, exposing a coordinated criminal network operating across multiple jurisdictions.
Police also discovered that the proceeds of the fraud funded lavish lifestyles for the defendants despite their limited legitimate income. One of the convicts reportedly declared an annual income of only £444, yet investigators uncovered evidence of luxury vehicles, designer clothing, Rolex watches and expensive overseas holidays financed with stolen funds.
Detective Inspector Geoff Donoghue of the Metropolitan Police’s Cryptocurrency Team described the case as one of calculated deception.
“This was a highly complex investigation into a group of calculated manipulators who exploited victims’ trust by pretending to be police officers and spent other people’s money to fund their extravagant lifestyles,” he said.
“The Met’s Cryptocurrency Team painstakingly traced millions of pounds, combining a wide range of investigative techniques to dismantle a significant criminal network.”
He also warned that advances in technology have strengthened law enforcement’s ability to track cryptocurrency-related crimes.
“Criminals should be under no illusion – policing is evolving alongside technology.
“We have the capabilities to trace and seize high-value assets, and we will do everything in our power to identify those responsible for these fraudulent crimes and bring them to justice,” he added.
The defendants were sentenced on Thursday at Southwark Crown Court.
Ikenwe, of Bata Mews, East Tilbury, received six years’ imprisonment for conspiracy to commit fraud and five years for money laundering, with both sentences running concurrently.
Nwamma, of Clarendon Road, Watford, received identical concurrent sentences of six years for conspiracy to commit fraud and five years for money laundering.
Bashir, of Beverley Way, Wimbledon, was sentenced to three years and nine months for conspiracy to commit fraud and three years for money laundering, also to run concurrently.
Police said coordinated raids conducted on November 20, 2025, across seven addresses in London and Essex led to the arrest of the suspects.
During the operation, officers seized about 40 mobile phones, digital devices, cryptocurrency assets and luxury items. Investigators recovered approximately £1 million directly linked to the stolen cryptocurrency, while forensic analysis of the seized devices uncovered extensive evidence supporting the conspiracy.
The investigation also revealed that Ikenwe and Nwamma pleaded guilty in April to conspiracy to defraud and money laundering offences, including four counts of converting criminal property.
Bashir initially denied the charges and proceeded to trial but changed his plea to guilty on the eighth day after prosecutors presented substantial evidence.
Further investigations uncovered more than £1 million in cryptocurrency linked to wallets controlled by Ikenwe, a vehicle valued at nearly £60,000 purchased with cryptocurrency, and about £500,000 in cash stored inside a safety deposit box in Dubai.
Detectives also traced luxury holidays to Thailand, Japan, Paris, Mykonos, the Maldives and the Seychelles, alongside frequent spending at high-end retailers including Harrods, Hermès and Louis Vuitton.
Luxury goods worth more than £26,000 were recovered during searches, while investigators also linked stolen cryptocurrency proceeds to Nwamma’s luxury chauffeur and transport business through transfers into associated bank accounts.
The Metropolitan Police said investigations are continuing with UK and international law enforcement partners to identify other members of the criminal network and recover additional stolen assets for the victims.
