Russian Teens Apprehended in Alleged Cryptocurrency Money Laundering Operation
Russian Teens Apprehended in Alleged Cryptocurrency Money Laundering Operation
Two Russian teenagers have been apprehended in a crackdown on an alleged cryptocurrency-fueled “money laundering” operation, as per a statement from a police insider on May 14. According to the URA news agency, an unidentified member of a “law enforcement agency” in the Khanty-Mansi Autonomous Okrug disclosed that the teenage siblings had drawn other youths in the area into their scheme.
Reportedly, in April, some parents of these teens alerted law enforcement agencies in the region, asserting that their children had become entangled with an “organized crime group” in what seems to be an illicit cryptocurrency exchange endeavor. The police were previously unaware of the operation but initiated an investigation promptly after receiving the tip-off.
The Cryptocurrency Scheme
According to the source, the two brothers enticed fellow teenagers with minor financial incentives to carry out cryptocurrency-related transactions using their bank accounts. The source further revealed that one of the teenagers facilitated transactions totaling nearly $22,000 in cryptocurrency-related funds through their bank account within a two-month period, earning approximately $4,400 in cash, which they reportedly kept concealed under their pillow at home.
Government Intervention and Response
The case has garnered the attention of the Federal Investigative Agency, the Investigative Committee of the Russian Federation. The committee’s chief, Alexander Bastrykin, has personally intervened in the matter, with the regional branch also closely monitoring the case. The URA news agency reached out to the Khanty-Mansi Autonomous Okrug branch of the committee for comment, but no response has been provided thus far.
It’s worth noting that cryptocurrency exchanges currently lack legal recognition in Russia. However, the country’s anti-money laundering agency, Rosfinmonitoring, has urged Moscow to expedite the enactment of regulatory legislation. Both Rosfinmonitoring and law enforcement agencies maintain that cryptocurrency has become the preferred avenue for money launderers and criminals in Russia.
