Kenyan Law Enforcement Agency Arrests Two Students Accused of Using Stolen Funds to Buy BTC

Two Kenyan students accused of hacking credit cards and purchasing bitcoins with illegally obtained funds have been arrested by the Criminal Investigation Department, a law enforcement statement said. After converting the cryptocurrency into local currency, the two students used the illicitly obtained funds to maintain their lavish lifestyles, according to the statement.

Students’ Luxurious Lifestyle

Kenya’s law enforcement agency, the Directorate General of Criminal Investigation (DCI), announced the arrest of two university students for hacking credit cards and using them to “purchase bitcoins and convert them into Kenyan currency.” In a statement, the agency said the two so-called notorious gangsters were uncovered in Milimani, an affluent neighborhood in Nakuru, Kenya’s fourth largest city.

In aTwitterthread explaining how the crime was committed, DCI revealed that the two – Francis Maina Wambui aka Nick, 26, and Zellic Alusa, 25 – were involved in a growing criminal enterprise . The agency explained that.

The students create fake email accounts and use them to hack the credit cards of innocent people, especially those living abroad, to purchase bitcoins.

According to DCI, the two students then used the stolen funds to maintain their lavish lifestyles. The students also reportedly used the stolen money to entertain women and purchase real estate. After a raid on the apartment where they were operating, DCI stated that among the documents recovered was a “land purchase agreement for real estate worth $850,000 [$7,240] in Juja, executed on May 25.”

Strengthening Cyber Digital Forensics Lab

The statement added that other items recovered included five laptops, four cell phones, two wifi gadgets, three hard drives and SIM cards It added that the items include five laptops, four mobile phones, two wifi gadgets, three hard drives and SIM cards.

Meanwhile, the announcement of the arrest by DCI comes just days after Kenyan President Uhuru Kenyattacalled for “the strengthening of cyber and digital forensics labsto address modern crimes involving the misuse of technology.”

The announcement of the arrests also came after local media reports warned that Kenyans may have lost money to another crypto-ponzi ring.

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