LONDON – Two men from Stamford Hill’s Charedi community have been arrested as part of a sweeping police operation targeting a $18.7 million (£15 million) cryptocurrency fraud and money laundering scheme.
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The men, aged 24 and 36, were taken into custody early Wednesday morning following coordinated raids on six residential properties across Hackney. The Metropolitan Police’s Territorial Support Group led the operation, descending on Castlewood Road — a quiet, tight-knit Orthodox Jewish neighborhood — just after dawn.
Images from the scene showed officers unloading riot gear and tactical equipment from marked vans as they executed search warrants. A police spokesperson later confirmed the arrests were part of Operation Galafarm, an ongoing investigation by the Met’s Economic Crime Command into fraudulent cryptocurrency schemes that allegedly lured victims with false investment promises.
According to investigators, over £15 million in stolen funds — equivalent to roughly $18.7 million — was funneled through a complex web of shell companies used to mask the source of illicit proceeds.
“Two men have been arrested as part of a Metropolitan Police investigation into a multi-million-pound fraud and money laundering scheme,” a police spokesperson said. “It is alleged more than £15m in stolen funds was laundered through a set of shell companies.”
The suspects, both residents of Stamford Hill, remain in custody as detectives continue questioning them. Sources familiar with the operation say the arrests follow months of intelligence gathering and forensic financial analysis.
Castlewood Road, where several of the raids occurred, is home to a significant Charedi population and was reportedly cordoned off for several hours during the police activity.
Local residents expressed shock at the scene, with one passerby describing the heavy police presence as “totally out of place” for the normally quiet area.
Operation Galafarm remains ongoing, and police say further arrests or charges may follow as the investigation unfolds.
A big Chilul Hashem!
And I wouldn’t be surprised if it turns out that many of their victims were fellow heimisher yidden hoping to make a quick buck 🙁
Another article short on details. What money was being laundered? Stolen from where?
embarrassing for me, a charadi man, that charadim are stealing.
I hope they are found innocent,
The first question when you meet Hashem will be Nasatuh bemunah.
If you can’t answer that with a YES, then you are simply not a real believer in God. You must think he only lives in Shul. So your dressing like a Charedi is just a shallow cultural, social Judaism thing.
We all make mistakes, but some people really have split lives, or just think Hashem isn’t really relevant to their lives.
Nuff said
Crazy
How did they steal? And from who ?
If they are guilty then they aren’t chareidim, but have the chillul Hashem level of chereidim.
Our community’s spending needs have placed immeasurable pressure on our members to produce means to pay.
Another Ponzi scheme??
Every new