With virtual currencies taking heat every day, and millions of transactions conducted, laundering of the tokens and coins seem to be taking shape. Lately, the US Department of Justice (DOJ) noted that a Federal court in Brooklyn initiated a fraud charge against Idris Dayo Mustapha.
According to the court documents, the victim breached the law through conspiring computer intrusion, money laundering, wire fraud, securities fraud, and Bank fraud among others.
The criminal complaint alleges that Mustapha employed numerous laundering techniques to actualize the act. Between 2011 and 2018, Mustapha accessed US-based computers purposing to illegally transfer money from securities brokerage accounts.
However, he was later arrested in 2021 in the United Kingdom, and the United States is seeking his extradition.
“As alleged in the complaint, the defendant was part of a nefarious group that caused millions of dollars in losses to victims by engaging in a litany of cybercrimes, including widespread hacking, fraud, taking control of victims’ securities brokerage accounts, and trading in the name of the victims. Protecting residents of the Eastern District and financial institutions from cybercriminals is a priority of this Office,” Breon Peace, the United States Attorney for the Eastern District of New York, pointed out.
The Detailed Cause
The defendant and his plotters have been in this scheme since 2011. Ever since the gang has been engaging in sophisticated laundering techniques including the use of fictitious identities to set up online accounts.
The click has been utilizing computer programs to automate transactions. This formula allows many transactions to take place in a short time bracket. Moreover, the strategy also allows depositing of stolen funds into accounts at a variety of virtual currency exchanges and dark markets.
“Cybercrimes are insidious because the criminals lurk in places most people don’t see, and many don’t understand. Taking over victims’ email accounts and then stealing millions of dollars are just some of the crimes we allege Mustapha committed over the course of many years. Using digital platforms for banking and investing is now part of our everyday life, and the FBI is focused on making these tools safe from criminals like Mustapha,” Michael J. Driscoll, the Assistant Director-in-Charge of the Federal Bureau of Investigation at the New York Field Office, said.