Money 24/7 Is Suspected of Being Involved in a Major Fraud Scheme
The organizer of the Money 24/7 network has been notified of suspicion of fraud. According to the investigation, the service operated under the guise of a legitimate currency and crypto asset exchange, but after receiving money, it failed to deliver the promised cryptocurrency to customers. Law enforcement officials say one victim may have been defrauded of nearly 1.6 million hryvnia in this manner.
The network’s organizer was notified of the charges by operatives from the Cyberpolice Department and investigators from the Main Investigative Directorate of the National Police. According to the investigation, the suspect did not act alone. Together with others, he created a pseudo-financial platform that outwardly resembled a standard service for exchanging currencies and cryptocurrencies.
To this end, the scheme’s participants ensured they had the necessary elements to convince customers of the operation’s legitimacy. They created specialized websites, a Telegram channel, and used a registered trademark. In addition, the perpetrators set up an office that looked like a real cash-handling facility. All of this was intended to give the impression that customers were using a regular financial service.
How the scheme worked
According to the investigation, a customer would first submit a request to exchange cash for crypto assets. After that, they were invited to the office, where they handed over the money. People expected that once the funds were received, the cryptocurrency would be transferred to their digital wallets. However, according to law enforcement, after receiving the money, the perpetrators failed to fulfill their obligations.
To prevent victims from rushing to contact the police, the perpetrators used various methods to delay the conflict. They would transfer a portion of the crypto assets to certain clients. They also provided written guarantees that the remainder of the transaction would supposedly be completed. According to investigators, this allowed them to buy time and delay any potential reports by the victims to law enforcement.
So far, investigators have identified at least one case of significant financial loss. According to their data, one of the victims lost nearly 1.6 million UAH. Law enforcement officials are continuing their investigation and identifying other potential victims as well as all individuals who may be involved in the network’s operations.
At the same time, the final assessment of the suspect’s actions must be made by a court. A notice of suspicion does not automatically mean that a person is guilty—their guilt must still be proven in court. The Office of the Prosecutor General is overseeing the proceedings in this case.
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For the first time, the Ukrainian Ministry of Defense has included halal and kosher dry rations in daily field rations. This decision was made with the religious beliefs of service members in mind and to raise nutritional standards in the Armed Forces.
