Banking Fraud Cases on the Rise in Seychelles, Two More Suspects Detained
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In a developing story, two additional suspects have been detained by police in connection with a major fraud case involving cryptocurrency at Nouvobanq. The two individuals join 12 others who were arrested and appeared in court last week.
Investigation Update
The Magistrates’ Court has granted the police permission to detain the suspects until May 30 as they continue their investigation into the alleged fraudulent activities. According to sources, the court believes a prima facie case has been made against the suspects.
Background on the Case
Nouvobanq revealed in a statement last week that an investigation was underway by local authorities into what appears to be a fraudulent case involving cryptocurrency between several parties based internationally and locally. The targeted bank said it is working closely with the Financial Crime Investigation Unit, the Financial Intelligence Unit (FIU), and the Central Bank of Seychelles (CBS) in the ongoing probe.
Regulatory Response
The CBS has issued a statement confirming that the incident relates to cryptocurrency, which is not considered legal tender in Seychelles. However, the regulatory body acknowledged its growing popularity globally and rising interest locally, adding that it is working to address identified gaps and put in place a robust regulatory framework to mitigate potential risks associated with such activities.
Rise of Banking Fraud Cases in Seychelles
The rise of banking fraud cases in Seychelles has raised concerns over the country’s exposure to money laundering and terrorism financing risks. The situation highlights the need for stricter regulations and law enforcement measures to combat these threats effectively.
- Concerns over money laundering and terrorism financing risks
- Need for stricter regulations and law enforcement measures
- Growing popularity of cryptocurrency globally and locally