A gang who pretended to be police officers to defraud eight victims of more than £4 million worth of cryptocurrency have been jailed after spending the money on a luxury lifestyle, including holidays and Rolexes.
The men called their victims claiming to be from the police and told them their cryptocurrency was at risk. They then persuaded them to either provide account details or transfer the funds to what the victims believed were secure accounts.
In fact, the gang had designed convincing looking police websites, and the victim’s cryptocurrency was immediately stolen and laundered through a complex financial network.
The three men were living lavish lifestyles with the funds they had stolen – buying cars, designer clothes and Rolexes as well as going on luxury holidays despite one of the men having a recorded income of just £444 a year.
The crime was uncovered after victims came forward in January 2025 to report the fraud. The group were sentenced at Southwark Crown Court on Thursday, 16 July.
Anthony Ikenwe, 29, of Bata Mews, East Tilbury was sentenced to six years for conspiracy to commit fraud and five years for money laundering to run concurrently.
Hamza Bashir, 23, of Beverley Way, Wimbledon was sentenced to three years nine months for conspiracy to commit fraud and three years for money laundering to run concurrently.
Kevin Nwamma, 25, of Clarendon Road, Watford was sentenced to six years for conspiracy to commit fraud and five years for money laundering to run concurrently.
On Thursday, 20 November last year, officers executed coordinated warrants at seven addresses across London and Essex, arresting all three members of the group and seizing numerous digital devices – including 40 mobile phones – luxury goods and cryptocurrency assets.
Officers subsequently recovered approximately £1 million directly linked to victim funds, while forensic examination of mobile phones and computers uncovered extensive evidence of the conspiracy.
They were all charged the following day, Friday, 21 November, and have been remanded in custody ever since.
Anthony Ikenwe and Kevin Nwamma pleaded guilty in April to conspiracy to defraud together with money laundering offences, including four counts of converting criminal property.
Hamza Bashir initially denied involvement and stood trial before changing his plea to guilty during the eighth day of proceedings after being presented with substantial evidence. He was convicted of conspiracy to commit fraud and converting criminal property.
The investigation uncovered a lifestyle entirely inconsistent with the declared income of the defendants.
Officers identified more than £1 million in cryptocurrency linked to wallets controlled by Anthony Ikenwe.
Other examples discovered about the group’s spending included a car worth almost £60,000 bought using cryptocurrency, approximately £500,000 in cash held in a safety deposit box in Dubai, as well as holidays to destinations such as Thailand, Japan, Paris, Mykonos, the Maldives and the Seychelles.
Police found financial records which showed cryptocurrency linked to the offending was routinely converted into payment cards.
The defendants took regular shopping trips to designer stores including Harrods, Hermès and Louis Vuitton, and treated themselves to hotels, restaurants and other lifestyle expenses, despite them having little or no verified income.
Luxury goods recovered during police searches were valued at more than £26,000.
Investigators traced criminal proceeds to Kevin Nwamma by identifying transfers from wallets containing stolen cryptocurrency into bank accounts associated with his luxury chauffeur and transport business.
The Metropolitan Police continues to work with UK and international partners to identify further individuals connected to the conspiracy and to pursue the recovery of criminal assets for the benefit of victims.
Detective Inspector Geoff Donoghue, from the Metropolitan Police’s Cryptocurrency Team, said:
“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.
“The Met’s Cryptocurrency Team painstakingly traced millions of pounds, combining a wide range of investigative techniques to dismantle a significant criminal network.
“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.”
