Cardiff man jailed 3 years for £124k crypto scam using hacked social media accounts

A Cardiff man has been jailed for three years and eight months after hijacking victims’ social media accounts and impersonating them to steal £124,000 through a fake cryptocurrency investment scheme that targeted friends and family across the UK.

Haroon Zaman, 23, hacked into at least 17 people’s Facebook and Instagram accounts between January 2021 and June 2023, using their identities to send messages promising ‘risk-free’ crypto returns that prosecutors said never existed, according to South Wales Police and the South East Regional Organised Crime Unit.

How the crypto investment scam operated

According to investigators, the Crypto investment scam relied on a simple but highly effective tactic: impersonation. Zaman hacked into victims’ social media accounts, took control of their profiles, and then used those trusted identities to promote supposed cryptocurrency investment opportunities to friends and contacts.

Messages sent from the compromised accounts promised “risk-free” or guaranteed returns, playing on both familiarity and the broader hype surrounding digital assets.

Victims, believing they were dealing with people they knew, were persuaded to transfer funds directly to accounts controlled by Zaman. In reality, police said, no genuine investments existed at any stage of the operation.

Court records show that at least 17 known victims fell prey to the scheme, collectively losing £124,479. Investigators have warned that the true scale of the fraud may be higher, as not all victims of online scams come forward or realise immediately that they have been targeted.

Police investigation and court verdict

The investigation was led by SEROCU in close partnership with South Wales Police, who traced the digital trail left by the fraudulent transactions and account takeovers. Detectives said the length of time over which the offending occurred was a key factor in the severity of the sentence.

Investigating officer DC Alex Sarakinis of SEROCU said the offender showed little concern for the consequences of his actions.

“By hijacking social media accounts, he deceived people into believing they were investing safely, when in fact he was stealing their money,” — DC Alex Sarakinis, Investigating Officer, South East Regional Organised Crime Unit.

He added that the collaborative approach between regional and local policing units was central to bringing the case to court.

“Thanks to close partnership working with South Wales Police, we were able to uncover the scale of his offending and ensure he has now been brought before the courts,” — DC Alex Sarakinis, Investigating Officer, South East Regional Organised Crime Unit.

The judge at Reading Crown Court sentenced Zaman to three years and eight months’ imprisonment, reflecting both the financial harm caused and the calculated nature of the offending.

Police have urged anyone who believes they may have been affected by a similar Crypto investment scam to report it promptly, noting that early reporting can help limit losses and support wider investigations.