Argentine Police Uncover Fraud Network Involving Crypto Transactions

According to PANews, Argentine authorities have dismantled a criminal network involved in fraudulent activities using forged documents to secure loans from private banks. The funds were then transferred to cryptocurrency platforms, converted into digital assets, and moved to digital wallets. Some transactions were disguised under the pretense of 'crypto arbitrage.' Officials have confirmed that the amount involved exceeds 1.8 trillion Argentine pesos, approximately $12 billion. The affected businesses are primarily in the agricultural and industrial sectors. The individuals involved were not registered with the local PSAV. Judicial authorities conducted eight searches in Buenos Aires, Buenos Aires Province, and Santa Fe, resulting in the arrest of three individuals and notification of two others. Cash, electronic devices, and related documents were seized during the operations.