A cybercrime syndicate in Myanmar has been accused of launching and pushing the gold coin cryptocurrency investment scam. According to two of their victims based in Telangana, India, the syndicate ran a large-scale cryptocurrency scam, majorly targeting United States citizens.
The Myanmar syndicate allegedly deceived unsuspecting individuals by promoting a fraudulent investment while using price manipulation and fake online identities to lure victims. According to reports, the crypto investments were said to be backed by gold, giving victims the confidence to go ahead with their investment in the platform.
According to reports, the victims were recruited as part of the scam and forced to participate in several illegal activities. They have now come forward to give information that will blow open the sophisticated cryptocurrency scam. They have also revealed the extent of the deception and exploitation.
Myanmar syndicate victims reveal modus operandi
One of the victims, 23-year-old Indian national Katam Venu, mentioned that the criminals assigned him to the Shanshub Company located at KK4 Park. He was given a fake identity, E8, and was instructed to interact with potential United States investors as a woman. Katam was instructed to use WhatsApp and Facebook as the main messaging apps to lure unsuspecting investors into the scheme.
He mentioned that his job was to build trust with investors with the end goal of convincing them to purchase the gold coins’ digital assets through the platform, which was controlled by Chinese operators. The scammers manipulated the price graph of the token, showing a low rate to make the investment appear as an opening for profits to the investors. This way, after they purchase the token, they just have to wait for it to undergo the promised rise, raking in profits.
Katam said that he spent weeks chatting with potential investors, gradually leaving an impression on them about the profits they stand to earn if they invest in the digital asset. If any investor hesitated, the syndicate would take charge of the process, making video calls with women from their call centers to further convince their target of the genuineness of the opportunity. However, after the victims invest their funds, it is at the point of withdrawal that they find out that it has been locked and inaccessible.
Fake identifies and other criminal atrocities
According to Katam, he had worked for the Myanmar syndicate for about three months before he realized he had not been paid for his services. He mentioned that anytime he asked for compensation, the group always pressured him to recruit more victims to meet his target.
The second victim, Mohammed Arbaz Bin Ba Bazer, was a 23-year-old firm in Jahanuma, Hyderabad. He told authorities that he was placed at Zhantu Company in KK2, KK Park. Mohammed was trained in social media manipulation, which he used to carry out several of his cryptocurrency frauds. The Myanmar syndicate created fake Facebook accounts posing as celebrities or NRIs. Once the follower account of their accounts gets to the maximum level, they would send requests to select people to engage in personal conversation and develop trust.
He mentioned that the Myanmar syndicate also provided them with genuine United States numbers, making the conversation appear legitimate. Over a specified amount of days, Mohammed was asked to befriend targets before introducing them to the crypto investment opportunities. The victims were asked to purchase USDT or ETH from a fraudulent platform that the group controlled.
They also manipulated the price of the assets on the fake crypto exchange to make it appear like they were buying more digital assets at a cheap price. However, once the transactions are done, the victims will be unable to withdraw their funds. Mohammed mentioned that he was promised a lucrative salary but had only been paid 31,000 Thailand Baht for his two months working for the Myanmar syndicate. Katam and Mohammed were rescued in a coordinated military effort at the KK Park in Myanmar before they were returned to India.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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By Nermeen Nabil Khear 