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To Launder Profits Offshore, Fraudsters Used ‘For Further Credit’ Routing Instruction

By Fred Williams

The perpetrators of a cryptocurrency-based scam that bilked tens of millions of dollars from U.S. investors used shell companies, throw-away bank accounts and an obscure routing instruction to move the funds offshore without resorting to wire transfers, according to federal prosecutors. Details of the alleged "pig butchering" scam emerged in a federal request unsealed in Virginia this month to seize $58 million from an account at Mitsubishi UFJ Trust and Banking Corp., or MUFJ, held by Deltec Bank and Trust of the Bahamas. Investigators have tied the funds to the scam, which defrauded 174 individuals from June 2022 through March...

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