The sentencing follows an investigation and arrest by specialist banking industry sponsored police unit, the Dedicated Card and Payment Crime Unit (DCPCU).

Between 2021 and 2024, Adam Raja, 24, defrauded banking customers by impersonating their bank and manipulating them into transferring money into fraudulent accounts. 

Raja would contact customers, purporting to be a banking employee investigating fraudulent activity on their accounts. He would then trick customers into inputting their bank details into a fake website, and once he had these details, he would steal their money.

Raja would disperse this stolen money into mule accounts. He would then transfer money from the mule accounts to a cryptocurrency wallet that he owned and then transfer money from his cryptocurrency wallet to his personal bank account.

Following his arrest, police were able to obtain 117 handsets and SIM card packs belonging to Raja, as well as details of the widespread fraud he committed on his personal phone. These details included banking details of individuals and businesses, as well as comments on how to approach them when tricking them into sending him money. 

In addition, police were able to obtain $62,000 worth of cryptocurrency stored on a cryptocurrency wallet. Raja had also transferred around £90,000 from this to his own personal bank account prior to his arrest and used the proceeds of his crimes to buy expensive items, including a Porsche Panemera.

All victims of Raja were refunded.

Detective Constable Chris Collins said:

Raja heartlessly stole the banking information from individuals and businesses. He would obtain the trust of his victims by tricking them into thinking he was there to help. Instead, he stole their money, and used mule accounts and crypto wallets to try and cover his tracks.

Thankfully, through the collaboration between the banking industry and law enforcement, Raja’s harmful criminal activity was brought to an end.

UK Finance data shows that in the first half of 2024, £32.3 million was lost to authorised push payment fraud involving the impersonation of police and banks, with over 4,000 cases reported.