The investigation began with a report to FIU-the Netherlands. Our analyst, who took on the case, says: “A trader reported that the suspect had spent thousands of euros in cash on a luxury item.” According to the law, traders are obliged to report any customer who pays 10,000 euros or more in cash.

No salary, but crypto income without investment

“In my analysis of his financial position, I discovered that he didn’t receive any salary in his bank account. Nonetheless crypto income kept pouring in without an investment,” says our analyst. The one-man-business in his name had had zero turnover for two years. Reason enough to declare the report suspicious and forward it to the responsible police department.

Search

In addition to FIU-the Netherland’s report, the police also received a report via ‘Meld Misdaad Anoniem’ (a Dutch independent organisation for that allows the public to report crimes to the police anonymously). The financial crime investigation department decided to launch an investigation, resulting in a search where approximately 600,000 euros in cryptocurrency were seized. In addition to expensive designer clothing, designer bags, jewellery and a Porsche Panamera, the police also found the hardware wallet hidden inside a sneaker. This was suspected to contain even more cryptocurrency.

Hardware wallet PIN code found

Shortly after the initial arrest, one of the suspects was released. However, he was quickly re-arrested after it became apparent that he wanted to siphon off his crypto assets. In the process, the PIN code for the hardware wallet was also found. This enabled the police to seize the remaining 2 million euros in cryptocurrency on the hardware wallet.

Together we see more

This case emphasises the value of unusual transaction reports. It enabled the seizure of a tremendous amount of criminal assets, thereby depriving the criminals of their status.