More than €1m in cryptocurrency seized in major money laundering probe

NINE men have been arrested and more than €1 million in cryptocurrency seized as part of a major garda investigation targeting national and international money laundering and smishing offences.

Gardaí attached to the Waterford Division crime hub have been conducting a complex criminal investigation focusing on organised transnational criminal activity involving the bulk transmission of smishing texts (fraudulent SMS/WhatsApp messages), theft, deception and money laundering.

"The criminal activity focuses on the criminal offence of smishing involving fraudulent SMS and WhatsApp messages claiming to be from national postal offices, delivery companies, financial institutions, etc" said a garda spokesperson who added a significant quantity of property and cash has also been seized.

This includes €1.12 million in cryptocurrency, €30,000 in other monies which have been frozen, two vehicles (a VW Golf and a Mercedes) and a property which has been identified in Dubai.

The investigation is being coordinated by the Waterford Crime Office with the assistance of GNECB (Virtual Assets Investigation Unit and FIU Ireland), GNCCB, Europol, Garda Passenger Information Unit (GPIU) and personnel from other garda divisions across the country. 

Europol and garda liaisons in Irish embassies are facilitating the investigation team in liaison with other police forces to progress this investigation internationally.

"The investigation to date has established that the criminal activity is operating in a number of countries in Europe, the UK, Dubai and South Africa," said a spokesperson.

Investigations are ongoing and gardai say two  males are currently before the courts charged with various alleged offences contrary to the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, Part 7 of Criminal Justice Act 2006 and the Criminal Justice (Theft and Fraud Offences) Act, 2001.