Namibia’s Prosecutor General, Martha Imalwa, has revealed details of a major online investment scam known as “pig butchering,” which led to the arrest of 15 individuals in October 2023. The scam, involving fake online identities and fraudulent cryptocurrency platforms, defrauded investors of over N$12 million.
A High Court order has now declared 112,334 tether units (worth N$2.06 million) forfeited to the state under Namibia’s Prevention of Organised Crime Act. The Seychelles attorney general has been directed to transfer the funds to Namibia’s asset recovery account.
The scam, linked to Namibian firm Raylon Investment, was operated by over 150 employees working under restricted conditions. Investigations revealed ties to a criminal syndicate using AI-generated fake profiles to lure victims.
The accused, including nine Chinese nationals, face charges of fraud, money laundering, and human trafficking. They are set to appear in court again on 31 March.
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