London man jailed for stealing nearly £200,000 in crypto through SIM-swap fraud
A 25-year-old man from London has been sentenced to two and a half years in jail after stealing nearly £200,000 worth of cryptocurrency from multiple victims using SIM-swap fraud. Ajay Shinjin exploited a sophisticated scam technique to intercept phone numbers, gain control of victims' accounts, and drain their digital wallets. He then spent the stolen money on luxury items including gold-plated grills, a high-end apartment and frequent trips to Dubai. This case highlights the growing threat of SIM-swap fraud, a crime that has seen criminals routinely target cryptocurrency holders and bank customers.
Shinjin was initially arrested at his flat in Canary Wharf in 2021, but re-arrested at Heathrow Airport in October 2023 upon his return from Dubai after further evidence emerged. Police investigation traced the crime to a November 2021 breach of BT systems, where customer phone numbers were transferred to SIM cards controlled by criminals. At least three victims were identified, with losses including £40,000, £17,000 and £8,000 in cryptocurrency respectively. Shinjin pleaded guilty to conspiracy to commit fraud by false representation and transferring criminal property, receiving his sentence on Thursday at Inner London Crown Court.
- Man sentenced to two and a half years for £200,000 cryptocurrency theft via SIM-swap fraud.
- Spent stolen money on gold grills, luxury flat and Dubai holidays.
- SIM-swap fraud involves criminals taking control of phone numbers to access bank and crypto accounts.
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SIM-swap fraud is a scam in which criminals contact mobile phone providers and trick them into transferring a customer's phone number to a new SIM card under the criminals' control. Once they have access to the phone number, the fraudsters can reset passwords and take over email accounts, banking apps, and cryptocurrency wallets linked to that number.
The crime has become increasingly common as more money is stored in digital form, particularly cryptocurrency, and as phone numbers are used as a standard security measure. Victims often suffer substantial financial losses, and unlike traditional fraud, cryptocurrency transactions cannot be reversed once sent.
People holding cryptocurrency or using phone-number-based security for bank accounts are commonly targeted by SIM-swap fraudsters, making it a significant security concern for individuals and financial institutions. The scam represents a broader challenge as criminals exploit the systems that people rely on to protect their assets.
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Originally published by Daily Mail as “Moment phone fraudster who stole £200,000 crypto cash and splashed out on gold grills, plush apartment and luxury Dubai trips is arrested at Heathrow”.