A middle aged man of the Netherlands has been captured by the police. He was alleged for fraudulent activities in Bitcoin mining. He is said to have stolen more than $2.2 million.
The investigative department in Dutch said on Monday that the man was the owner of two private limited companies. With his offices, he lured people into depositing more money with him. He made them believe that he was into bitcoin mining so he was able to get about 100 registrants. There is no proof that the 33-year old bought any computers for mining as he told his investors. His actions prove that he is guilty of fraud, money laundering and forgery. It is possible that he used the money for objects of pleasure such as cars, motorbikes and to gamble.
This started around 2017. His first promise was to give investors 0.3 BTC every month. But trouble started when the investors saw neither their profits nor computers which their money should have bought.
The police and FIOD first made an attempt to arrest him in November 2018. Fortunately for him, he was not around at the moment so the police only took away some valuables. The Tax Authority’s department (FIOD) says they are committed to stopping money laundering so they are all out in this case.
To prevent a similar occurrence from arising in the future, the department is making plans to start issuing licenses to crypto firms for a better monitoring. Financial institutions in the Netherlands may soon be involved in the exchange of cryptocurrency for the fiat ones.