A gang who impersonated police officers to steal £4 million in cryptocurrency from their victims have been jailed after spending their haul on luxury holidays, high-end cars and Rolex watches. The case highlights the growing threat of sophisticated fraud schemes that combine social engineering with impersonation of authority figures to defraud cryptocurrency holders of substantial sums.

The gang convinced victims they were speaking to genuine police officers before manipulating them into handing over access to their crypto assets, netting £4 million in total. Proceeds were funnelled into an extravagant lifestyle, including designer holidays, luxury vehicles and expensive Rolex watches, before the perpetrators were caught, convicted and sentenced to prison terms.