Brazilian police crack down on cryptocurrency scam, victims lose 4.3 million reais, 3 people arrested

Source: PortaldoBitcoin Original Title: Brazilian loses R$ 4.3 million in cryptocurrency scam; 3 are arrested Original Link: The Civil Police of Rio Grande do Sul launched Operation Mirage on Tuesday (13) to put an end to a scam carried out through false promises of investment in cryptocurrencies that caused a loss of over R$ 4.3 million to at least one victim and may have affected dozens of people in different states across the country.

The case was investigated by the Special Cyber Investigations Police Station, linked to the State Department of Cybercrime Repression, and is examining crimes of fraud with electronic deception, criminal conspiracy, and money laundering.

So far, three people have been arrested. A total of 125 court orders were executed in the states of São Paulo and Goiás, including five preventive detention warrants, the blocking of 85 bank accounts, vehicle seizures, and the blocking of crypto wallets.

During the operation, police seized thousands of phone chips, cell phones, computers, and luxury vehicles, identified as tools and products of the criminal activity.

How the scam worked

According to investigations, the scam started with sponsored ads on social media promising high returns in the stock market. When clicking on the ad, victims were directed to chat groups where supposed investors shared earnings reports and financial tips, creating an environment of trust.

Next, participants were induced to perform operations with cryptocurrencies through a fraudulent investment platform controlled by the scammers themselves.

According to Detective Isadora Galian, who is in charge of the case, the victims’ money was initially transferred via Pix to accounts of companies used by the criminal group. Subsequently, the amounts were supposedly converted into crypto assets within the fake platform, where balances and profits were artificially inflated to encourage further investments.

“After cycles of fictitious profits, sudden and unexplained losses occurred, always attributed to supposed operational errors of the victim,” explained the detective.

The investigation identified a loss exceeding R$ 4.3 million caused to a single individual, but police are working under the hypothesis that at least 40 other victims have been harmed across the country, which could significantly increase the total financial damage.

It is suspected that the scheme operated in a structured manner, with task division and intensive use of technology to make resource tracking difficult.

For the detective, the case reinforces the need for caution when faced with promises of quick gains, especially in the cryptocurrency market. “Promises of extraordinary profits, especially in cryptocurrency markets, should be viewed with extreme suspicion. Before investing any amount, it is essential to verify whether the company is properly registered with regulatory agencies such as CVM and the Central Bank,” she warned.

Operation Mirage was supported by the Civil Police of São Paulo and Goiás states, and investigations are ongoing to identify other involved parties, track diverted funds, and determine the true extent of the scam, which relied on a combination of social media, digital platforms, and cryptocurrencies to deceive investors.