Two Nigerians Jailed in UK Over £4 Million Cryptocurrency Scam That Targeted Multiple Victims
Two Nigerian nationals have been sentenced to prison in the United Kingdom after being found guilty of taking part in a sophisticated cryptocurrency fraud that stole more than £4 million from multiple victims.
The convicted men, Chibuzor Ikenwe (29) and Chukwuemeka Nwamma (25), were sentenced alongside Hamza Bashir (23) after investigators uncovered an organised scam that deceived victims into handing over their digital assets.
How the Cryptocurrency Scam Was Carried Out
According to investigators, the trio posed as police officers and contacted victims with false claims that their cryptocurrency wallets had been compromised.
Victims were told that the safest way to protect their digital assets was to transfer their cryptocurrency into what the fraudsters described as “secure police accounts” or provide confidential account details for verification.
To make the operation appear genuine, the group reportedly created fake police websites and used a sophisticated money-laundering network to move the stolen cryptocurrency and conceal its origin.
Police Traced the Criminal Network Through Digital Evidence
The fraud investigation began in January 2025 after several victims reported losing substantial amounts of cryptocurrency.
Authorities later combined blockchain analysis, financial transaction records, and mobile phone data to identify those behind the operation. The investigation eventually linked the suspects to a wider organised criminal network involved in laundering the stolen funds.
Investigators described the group as calculated fraudsters who deliberately exploited the trust people place in law enforcement to convince victims to part with their digital assets.
Luxury Lifestyle Exposed During Police Raids
During coordinated raids across London and Essex, officers recovered approximately £1 million believed to be connected to the scam.
Police also seized:
- Around 40 mobile phones
- Cryptocurrency assets
- Luxury goods
- High-value designer items
Investigators said the stolen money financed an extravagant lifestyle, including luxury vehicles, Rolex watches, expensive designer shopping, and lavish holidays.
In one notable discovery, one of the convicted men had officially declared an annual income of only £444, despite evidence showing significant spending on luxury possessions.
Prison Sentences Handed Down
The three defendants received the following prison sentences:
| Defendant | Conviction | Sentence |
|---|---|---|
| Chibuzor Ikenwe (29) | Conspiracy to commit fraud and money laundering | Six years for fraud conspiracy, plus five years for money laundering |
| Chukwuemeka Nwamma (25) | Conspiracy to commit fraud and money laundering | Six years for fraud conspiracy, plus five years for money laundering |
| Hamza Bashir (23) | Conspiracy to commit fraud and money laundering | Three years and nine months for fraud conspiracy, plus three years for money laundering |
The convictions mark the end of a major investigation into a sophisticated cryptocurrency fraud scheme that exploited victims through fake police impersonation and complex money-laundering techniques.
