Ukraine War Profiteers Get 13 Years for $7.3 Million Crypto Money Laundering

Two members of a gang who used crypto to launch stolen money, obtained by war profit, are prisoned Tuesday in the UK.

Valeriy Popovych, 52, and Vitaliy Lutsak, 43, were both convicted in Wood Green Crown Court on Monday 7 April after a five -week process.

The gang members were sentenced to a combined 13 years in prison for money laundering of more than £ 6 million ($ 7.6 million). Part of that money was used to buy a second home in London for just under £ 1 million ($ 1.27 million).

A third member and Valeriy’s wife, Oksana Popovych, 42, will be convicted on Friday 30 May.

In February, a fourth person, Semen Kuksov was sentenced to more than five years in prison. Kuksov checked a part of the white -washed money, according to a statement from the Metropolitan Police.

The crypto was reached by exploiting the requirement in Ukraine to vans and trucks as part of the war effort. These were purchased with the help of criminal money.

The lack of cryptocurrency regulation enabled the gang to maximize profit and earn millions in just over a year.

After an investigation by the Metropolitan Police, the gang was found guilty of transferring criminal property and running a non -registered money company.

During the investigation, the British police found more than $ 14 million in cryptocurrency by crypto portfolios stored on a computer.

Metropolitan police detectivic agent Harry Davies, from the metropolitan police, who led the investigation, said: “Mr. Popovych presented himself as a hard-working, legitimate trader and used his reputation within the second-hand truck market to clean criminal cash.

Negeen Momtahen, specialized public prosecutor for the Crown Prosecution Service, said: “Wasation of money is not a victimless crime – it is the financial lifeline that enables criminals to take advantage of their illegal activities.

“Last year we condemned other important members of the same money laundering network. I hope that this last prosecution will show our continuous determination to dismantle these criminal operations and bring all those involved to court.”

Published by James Rubin