Two Nigerian nationals and a third accomplice have been sentenced to a combined 28 years and nine months in prison after orchestrating a sophisticated cryptocurrency fraud that defrauded victims of nearly £5 million.

The convicts, Anthony Ikenwe, 29, Kevin Nwamma, 25, and Hamza Bashir, 23, were sentenced at Southwark Crown Court after being found guilty of conspiracy to commit fraud and money laundering.

According to investigators, the trio posed as police officers and contacted victims, falsely claiming their cryptocurrency accounts had been compromised.

The victims were persuaded to disclose sensitive account credentials or transfer their digital assets into what they believed were secure accounts. The accounts, however, were controlled by the fraudsters.

Police said the group obtained victims’ personal information from the dark web and created fake websites designed to mimic legitimate cryptocurrency platforms.

They also impersonated employees of cryptocurrency companies and operated fraudulent technical support services to convince victims that the scheme was genuine.

During the investigation, detectives recovered a video showing one of the suspects speaking with a victim while receiving real-time instructions from a co-conspirator via Snapchat. One of the messages reportedly read: “Tell him to try with old pass.”

Authorities said the proceeds of the fraud were used to finance extravagant lifestyles, including luxury holidays, designer watches, high-end vehicles and shopping sprees at luxury stores such as Harrods.

Investigators confirmed that at least eight victims lost almost £5 million in cryptocurrency but believe the actual number of victims could be significantly higher.

The investigation, which began in January 2025, involved extensive analysis of blockchain transactions, cryptocurrency exchange records, financial data, communication records, internet service provider information and digital wallets.

Detectives said the evidence ultimately exposed an organised criminal network operating across multiple online platforms and jurisdictions.

Detective Inspector Geoff Donoghue of the Metropolitan Police’s Cryptocurrency Team described the operation as a complex investigation into a group that exploited victims’ trust by impersonating police officers.

He said the case demonstrated that criminals could not rely on technology or digital assets to conceal their activities, reaffirming the Metropolitan Police’s commitment to tracking down cybercriminals and bringing them to justice.

Ikenwe and Nwamma each received six years’ imprisonment for conspiracy to commit fraud and five years for money laundering, with both sentences to run concurrently. Bashir was sentenced to three years and nine months for conspiracy to commit fraud and three years for money laundering, also to run concurrently.

Following the convictions, police urged the public to remain cautious of unsolicited calls concerning their finances and advised individuals to independently verify any claims with their bank or cryptocurrency service provider before sharing personal or financial information.

Several foreign nationals and Nigerian citizens have been arrested over their alleged involvement in illegal mining activities in Amba, Kokona Local Government Area of Nasarawa State.

The suspects were arrested on Friday, 17th July during a security operation led by the Deputy Governor of Nasarawa State, Dr. Emmanuel Agbadu Akabe.

The development was disclosed by the Personal Assistant to the Governor on Chieftaincy Affairs, Ebenezer Daniel, in a post shared on his Facebook page.

Although the identities of the suspects and the number of those arrested were not immediately disclosed, the operation is believed to be part of ongoing efforts by the Nasarawa State Government to clamp down on illegal mining and strengthen regulatory compliance in the state’s solid minerals sector.

A 37-year-old staff member of a microfinance bank, Henry Nwoko, was on Friday arraigned before an Ejigbo Magistrates’ Court in Lagos over allegations of forging a letter of non-indebtedness.

Nwoko is facing a two-count charge of alleged forgery and conduct likely to cause a breach of peace.

He pleaded not guilty when the charges were read before the court.

Prosecuting counsel, ASP Simon Njue, told the court that the alleged offences were committed in February at Advance Microfinance Bank, located along Egbeda-Idimu Road in Lagos.

According to the prosecutor, the defendant allegedly prepared and issued a letter of non-indebtedness in the name of the bank to a customer without obtaining the institution’s authorisation.

Njue further alleged that the defendant’s actions were capable of disturbing public peace.

He told the court that the alleged offences contravene Sections 365 and 168(d) of the Criminal Law of Lagos State, 2015.

Under the provisions of the law, forgery attracts a maximum sentence of three years’ imprisonment upon conviction, while conduct likely to cause a breach of peace carries a maximum penalty of two years in prison.

After listening to the submissions, Magistrate F.R. Ogunkoyode admitted the defendant to bail in the sum of N1.5 million with two responsible sureties.

The matter was subsequently adjourned until August 11 for mention.