Stamford Hill men arrested in £15m cryptocurrency fraud crackdown

Two men from Stamford Hill have been arrested as part of a major police probe into a multi-million-pound cryptocurrency scam, following a series of coordinated raids across Hackney.

The suspects, aged 24 and 36, were detained on Wednesday morning, 7 May, after officers from the Metropolitan Police’s Economic Crime Command executed search warrants at six residential properties.

The operation unfolded on Castlewood Road, a residential street known for its tight-knit Orthodox Jewish community. Images captured in the early hours showed Territorial Support Group officers unloading riot shields and tactical gear from police vans.

A Met Police spokesperson confirmed: “Two men have been arrested as part of an investigation into a multi-million-pound fraud and money laundering scheme.

“It is alleged more than £15m in stolen funds was laundered through a set of shell companies.”

The arrests are part of Operation Galafarm, a long-running investigation into a cryptocurrency scam that allegedly targeted members of the public with false investment opportunities.

Both men remain in custody as enquiries continue.