17 arrested for major crypto-currency fraud operation
In a coordinated effort by the Economic Crime Structure and the Tirana Prosecutor’s Office, 17 individuals have been arrested on suspicion of large-scale economic fraud involving crypto-currencies. The operation spanned 32 locations across Tirana and Shkodra, targeting a network accused of engaging in illegal activities related to crypto-currency exchanges and suspected money laundering.
Why is this important: This is the second major operation conducted by law enforcement within 48 hours. Over the weekend, a separate operation led by the Special Anti-Corruption Structure resulted in the arrest of 10 individuals, including three foreign nationals, and the seizure of 6.1 kg of cocaine. The rapid succession of these operations highlights the authorities’ intensified efforts to combat organized crime and economic fraud.
Details: Codenamed “USDT-1,” the operation led to 20 arrest warrants, with three individuals still at large. The arrested individuals are accused of advertising crypto-currency exchange services on social media. Six of the arrested are owners of crypto-currency exchange platforms, suspected of facilitating money laundering by converting digital currencies into fiat money.
While owning and operating crypto-currency exchange services can be legal, authorities allege that these exchanges were used for illicit purposes. The remaining individuals detained in the operation are believed to be accomplices or social media promoters who advertised these exchange services.
What are they saying: No official statement from the law enforcement agencies or the prosecutor’s office has been provided yet, although a press conference has been announced for later in the afternoon. However, the coordinated nature of the operation and the extent of the arrests underscore the scale of the alleged criminal enterprise.
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