Article Title: Cryptocurrency ‘Guru’ Arrested After Allegedly Defrauding Investors of Millions
A 24-year-old man from Hengelo, Overijssel, has been detained on suspicion of fraud and embezzlement after allegedly duping hundreds of people, potentially amounting to millions of euros, in a cryptocurrency investment scam.
The suspect, described as a ‘crypto genius’ in his direct circle, convinced his clients to invest a minimum of 5,000 euros each, promising to trade virtual currencies on their behalf. However, all their investments eventually vanished, with an estimated total loss ranging between 1.5 to 4.5 million euros. Prosecutors believe the suspect acted with intent to deceive.
The case came to light last year when the Hengelo resident sent an email to his clients, confessing that their entire invested fortune, including his own, had been lost. Around 100 aggrieved investors subsequently joined forces in the Foundation Investigative Collective Hengelo and hired a lawyer.
The suspect went into hiding in early 2024 after being confronted by multiple aggrieved investors. Following negotiations with the police, he was placed in a secure location. On Tuesday, the police arrested him following an investigation.
The Hengelo resident will face further questioning in the coming days. Victims also allege that he continued to onboard new clients even as his business was collapsing.
Source: NOS
This news report was sourced from NOS.
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