A group of about 50 young Namibians were arrested in Windhoek, Namibia, on suspicion ofing be connected with an alleged international crypto investment scam, according to local reports.
The reports say the young Namibians have agreed to collaborate with the police in an ongoing investigation involving some 10 Chinese nationals.
Elias Mutota, the Namibian police’s deputy inspector general for operations, revealed that among the 88 young Namibians, 50 are students who were initially lured with promises of marketing jobs but ultimately became victims of trafficking in Windhoek,local reports indicate.
“Young Namibian males and females, mostly students, were recruited by the suspected foreign nationals and trained to create false profiles on Facebook and Instagram so as to lure unsuspecting United States of America citizens into a scheme that started with building trust with the victims and ultimately introducing them to cryptocurrency investments which will show quick profits and gains, enticing them to invest more,” Mutota said.
As part of a sting operation, the police conducted raids on six houses located in the Auasblick, Kleine Kuppe, and Klein Windhoek neighborhoods of Windhoek. Additionally, they searched offices in the Shapumba Towers building in the city.
The investment scheme in question is commonly referred to as a ‘pig butchering’ cryptocurrency investment scheme, according to Nelius Becker, the head of the Namibian Police Forensic Science Institute. This term is used as a metaphor for a scheme where individuals are deceived or defrauded, akin to fattening a pig before it is ultimately slaughtered.
In such schemes, fraudsters establish long-term online relationships with their victims, gradually persuading them to invest in fraudulent cryptocurrency trading platforms. In reality, the money sent by victims under the pretense of making investments is diverted to cryptocurrency addresses and accounts that are controlled by the scammers and their collaborators.
A group of 14 individuals, which includes 10 Chinese nationals, who were apprehended by the police in early October 2023, appeared in the Windhoek Magistrate’s Court on a total of 203 charges.
The charges brought against the individuals include 98 counts of trafficking in persons, 98 charges of utilizing the services of trafficking victims, one count of fraud involving approximately $465,405 (equivalent to around N$9 million), as well as allegations of money laundering, racketeering, and failure to pay taxes.
Magistrate Dawid Mukuyu has adjourned the case until February 15, 2024, to allow for additional investigations to take place. During this period, the 14 accused individuals will remain in custody.
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