Man sentenced to 2.5 years for $260,000 crypto SIM-swapping fraud in London

Sentence for Cryptocurrency Fraud

Ajay Shinjin, 25, was sentenced to two and a half years in prison by a London court. He pleaded guilty in September to conspiracy to commit fraud by false representation and transferring criminal property. The charges stem from his involvement in a SIM-swapping scheme that resulted in the theft of approximately $260,000 in cryptocurrency.

Details of the SIM-Swapping Scheme

The fraud occurred in November 2021. Criminals took control of victims' telephone numbers by transferring them to SIM cards they controlled. This allowed them to intercept one-time security codes, bypassing account protections to access bank accounts and cryptocurrency wallets. Telecommunications company BT identified unauthorized activity, leading to an investigation.

Shinjin's Role and Financial Gains

Investigators linked Shinjin to four devices used in the scheme, with data provided by BT aiding police in identifying suspects. Four victims had their cryptocurrency accounts compromised, with one losing approximately £40,000 ($58,000), of which £27,000 ($35,000) was transferred to Shinjin's personal account. Another victim lost £17,000 ($22,000), traced entirely to Shinjin's wallet. Shinjin also facilitated thefts of £8,000 ($10,000) and £130,000 ($172,000) from other victims. He used the stolen funds to finance an expensive lifestyle, including luxury holidays and gold-plated dental grills.

Arrest and Investigation

Shinjin was initially arrested in London in 2021. He was arrested again at Heathrow Airport in October 2023 after returning from Dubai, following the discovery of additional evidence. He declined to answer questions during police interviews.