Proceeds of crime: crypto scam recovery
In what is believed to be the first of its kind, a team of specialist lawyers and experts worked alongside law enforcement to secure a full recovery under the recently enacted s.303Z51 of the Proceeds of Crime Act 2002 (POCA) for their client, Mr. A, an 80-year-old man who lost over £520,000 to a sophisticated crypto scam.
This landmark case shows the importance of collaboration between law enforcement – deploying powers given to them to trace and freeze assets as envisaged – and the private sector – leveraging rights to recover funds on behalf of victims. This represents a model of English justice at its best, with the legislature enacting new law to combat the epidemic of crypto fraud, and both the police and victims working in…
