Bitcoin Proceeds of COVID-19 Business Support Scheme Fraud Seized By Cointelegraph

Bitcoin Proceeds of COVID-19 Business Support Scheme Fraud Seized By

Bitcoin Proceeds of COVID-19 Business Support Scheme Fraud Seized

A U.K. woman has been arrested in possession of £115,000 ($150,000) of (BTC), according to a Metropolitan Police report. The cryptocurrency is alleged to be the proceeds of a fraudulent scheme applying for government loans designed to assist small businesses in the wake of the coronavirus pandemic.

The 35-year-old woman was arrested on suspicion of fraud, money laundering and child neglect, following the search of a residential address in Ipswich, United Kingdom on Aug 12. Officers successfully applied for the detention of the Bitcoin held in the suspect’s cryptocurrency wallet on Aug 13.

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