13 arrested in ‘biggest crypto bust’

About 120 young people were rescued and a further 13 - the majority of whom are Chinese nationals - arrested yesterday at a house in Windhoek, which was allegedly a hub for illegal speculative financial trading.Among those arrested were three Namibians. One man, described as the ‘kingpin’ of the scheme, is on the run amid a hot police pursuit.Those arrested ran a company called Raylon Investment, which operated at and rented the entire third floor of Shapumba Towers in Ausspannplatz. The same owners rented a house in the posh suburb of Auasblick, where the arrests took place.A police sting operation has also found that the same suspects owned the now defunct Blue Elephant Investment, which described itself on Facebook as a ‘financial consultancy’ company. They allegedly also operated Taida Financial Consulting, which too is said to now be non-operational.According to police source: “What these guys do, they scam people using one company and once they are starting to get caught by their so-called investors, they scrap that company and start another”.‘Relieved’Workers were apparently ‘relieved’ at the police intervention, saying they were not allowed to visit their families or even call them. “Some of them were crying, feeling like they have been rescued,” another police source told Namibian Sun.“Their phones had been confiscated and they had been told to never mention what happens at the company. One lady was told that her father, who is a police officer, would be killed if she snitches,” the source said.Officers said employees are forced to hand in their personal phones to the bosses upon joining the company, and receive company phones through which they contact potential customers.As a result, kidnapping charges were being contemplated after yesterday’s arrests.“These girls, who are about 120, are kept at the house in Auasblick. It’s a big house belonging to a local black businessman where eight girls share each room. It’s like a hostel.”Khomas police regional commander, Commissioner Willem Steenkamp, confirmed the arrests. “It’s a three-storey house with double-bed bunkers where people are staying. We are looking at bringing in a health inspector to determine the way forward,” he said.Lured from ThailandA Cuban national was also found in the house, as well as a Zimbabwean. “The Zimbabwean man was lured from Bangkok in Thailand and was made to believe that it’s lucrative job. When he got here, they took away his travel documents and threatened him. So, he was trapped here with nowhere to go and no one to report these activities to. He feared for his life,” police sources said.“Employees get picked up from the house in the evening and spend the night working until they knock off in the morning. Then they get taken to the residence again. They are not allowed to go anywhere or speak to anyone outside that ring - that’s why kidnapping charges are being contemplated.”The police believe the company targets the global market. An insignificant amount of cash was confiscated at the house yesterday, as well as four firearms. “Imagine foreign nationals being allowed to own guns in your country. It’s a security risk,” another officer quipped.Police believe the number of arrests will increase in the coming days, and after interrogations of those nabbed so far.Virtual assetsApart from kidnapping, police are also contemplating charges of money laundering and those relating to violating immigration laws. Just recently, Namibia enacted a law to regulate virtual assets, which are a digital representation of value that can be digitally traded, or transferred, and can be used for payment or investment purposes. The Virtual Assets Act became operational on 25 July and will be administered by the Bank of Namibia (BoN). “New technologies, products and related services have the potential to spur financial innovation and efficiency and improve financial inclusion, but they also create opportunities for criminals to launder their proceeds or finance their illegal activities,” BoN governor Johannes !Gawaxab said at the time.

13 arrested in ‘biggest crypto bust’

Comments

Namibian Sun 2025-01-15

Please login to leave a comment

13 arrested in ‘biggest crypto bust’

Comments

Namibian Sun 2025-01-15

Please login to leave a comment

Login