Police arrest man suspected of cryptocurrency scam based on Old Broad Street in the City

Alys Key
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The operation was based in the heart of the City of London (Source: Getty)

City of London Police yesterday arrested a man who suspected of running a cryptocurrencies scam from the heart of the Square Mile.

The man was arrested at his home yesterday morning on suspicion of conspiracy to defraud and money laundering.

He is thought to be part of a group behind a so-called boiler room operation based on Old Broad Street in the City of London, which allegedly cold called people, asking them to invest in a fake cryptocurrency.

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Nine reports of the operation have been made to Action Fraud with a total loss to victims estimated to be £160,000.

City of London Police Detective Inspector Mark Forster said fraudsters are using "prestigious" addresses in the City to add the sheen of legitimacy to their operations. This follows arrests made for similar suspected crimes at a boiler room in Fleet Street last week.

“Investment fraudsters are still targeting people throughout the country and they employ aggressive sales tactics which are often used to pressurise unsuspecting victims into parting with large sums of money," said Forster.

“These people often base themselves in the City as they believe having an address in a prestigious financial district will help to legitimise their fraud.

“I urge anyone who is cold called and offered investment opportunities to simply put the phone down – a legitimate company will never cold call you and put you in a position where you need to make an investment on the spot.”

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