By:Josefina Lukas

THE Namibian police have hinted at the possibility of additional arrests related to an alleged international crypto currency scam that led to the arrest of over 50 Namibians last week.
In a sting operation led by the police, at least 88 Namibian individuals, primarily youths, have been implicated. They are alleged to have been recruited to participate in a scheme targeting foreign investors from various countries under the guise of legitimate investments.
Police Deputy Inspector General, Major General Elias Mutota, cautioned, “It should be understood that police investigations are still ongoing, and the likelihood of apprehending more suspects and seizing additional assets cannot be ruled out.”
The scheme in question has been dubbed the “Romancing Pig Butchering Cryptocurrency Investment Scheme,” illustrating how criminals are continually evolving their methods to deceive victims. This scheme involves fraudulent cryptocurrency investment opportunities presented within the context of a romantic relationship.
Mutota explained that the Namibian students, both male and female, were recruited and trained by suspected foreign nationals to create fake profiles on social media platforms like Facebook and Instagram. These profiles were used to entice unsuspecting U.S. citizens into the fraudulent scheme by building trust and eventually introducing them to cryptocurrency investments that promised quick and substantial returns, luring victims to invest more funds.
“These students were instructed by the suspected foreign nationals on how to craft deceptive profiles and establish relationships with victims until they were willing to invest,” he noted.
The police have also stated that the suspected foreign nationals controlled the electronic wallets associated with the scheme. They provided accommodation, paid the students in cash, and arranged transportation to and from a “Call Centre,” where the fraudulent activities took place exclusively between 5:00 p.m. and 6:00 a.m. This nighttime operation aimed to convince U.S. clients that the scammers were in the same country due to the hours of transaction.
The students’ movements were closely monitored, and they were provided with company cell phones, which were collected twice a week when they were off duty.
Mutota added, “However, it has been discovered that no actual investments were made, and client contributions were simply stolen from the fake wallets and withdrawn from two Bitcoin kiosks located in local shopping malls, using PayPal.”
During the arrests, the police have seized 163 computers, 350 mobile phones, six motor vehicles, 12 firearms, ammunition, drugs, protected resources, and an account holding $465,045 (N$8.9 million).
The arrested individuals face a range of criminal charges, including human trafficking, money laundering, fraud, and tax evasion. Police investigations are ongoing.
The sting operation targeted six residential premises and office spaces in Ausblick, Kleine Kuppe, Klein Windhoek, and a business building, specifically Raylon Investments CC located on the third floor of the Shapumba Towers Building.