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Crypto criminal converted £20,000 of illegal funds into cryptocurrency UK News

An online criminal has admitted to converting nearly £20,000 of illegal funds into cryptocurrency.

During a hearing at Wycombe Magistrates’ Court on May 17, Milan Thevarajah, 22, of Potters Bar, admitted to being charged with concealment, disgust, conversion, transfer or removal of criminal property.

The court heard how between June 1, 2020 and June 30, 2020, Thevarajah transferred £18,200 of criminal funds to several bank accounts and converted them into cryptocurrency.

Cryptocurrency is a form of online or virtual currency that can be used in transactions. Well-known forms of cryptocurrency include Bitcoin and Ethereum.

Decentralized currency grabbed the headlines today (Tuesday) after a stock market crash saw many major cryptocurrencies lose up to a third of their value.

Thevarajah, of Suffolk Road, is due to be sentenced at Aylesbury Crown Court on June 29.

The accused was released on unconditional bail until his next hearing.

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This notice was published: 2022-06-14 14:34:00

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