A 25-year-old London resident, Ajay Shinjin, was sentenced to two and a half years in prison after helping to orchestrate a scheme in which nearly £200,000 ($264,200) in cryptocurrency was stolen from four individuals. The City of London Police confirmed the verdict on Thursday, marking the conclusion of an investigation that began in 2021 with unauthorized activity detected on telecom company BT’s systems.
How the SIM swap fraud scheme operated
The criminal operation used SIM swap fraud, a technique where attackers gain control of a victim’s phone number by moving it to a SIM card they possess. With control of the number, the perpetrators could intercept one-time passcodes from banks and cryptocurrency exchanges, enabling unauthorized access to accounts.
BT initially detected suspicious activity on its network in early November 2021 and reported instances in which customer numbers were covertly transferred to devices operated by fraudsters. By analyzing eSIM-enabled handsets and tracking device identifiers, investigators identified a group of suspects, ultimately linking Shinjin to four such devices.
Mini dictionary: SIM swap fraud, a technique where criminals reassign a victim’s phone number to a new SIM card, allowing them to intercept security codes sent by text message for online accounts.
Details of the cryptocurrency thefts
Between November 2 and November 7, 2021, four victims lost significant cryptocurrency holdings as a result of the SIM swap attacks. One victim lost approximately £40,000 ($52,840) on November 2, with £27,000 of that amount found traced to Shinjin’s crypto account. Another individual had around £17,000 ($22,457) stolen between November 5 and 7, with the entirety of the stolen funds later located in Shinjin’s wallet. In a separate case, a third victim lost roughly £8,000 ($10,568) from a Coinbase account on November 3, and Shinjin was found to have facilitated the transfer before the proceeds were moved onward.
The largest single theft occurred when a fourth victim’s cryptocurrency was drained of about £130,000 ($171,730) within two days. Law enforcement officials stated that Shinjin played a key role in enabling this theft as well.
| Victim | Date | Amount stolen (£) | Amount linked to Shinjin (£) |
|---|---|---|---|
| Victim 1 | Nov 2, 2021 | 40,000 | 27,000 |
| Victim 2 | Nov 5-7, 2021 | 17,000 | 17,000 |
| Victim 3 | Nov 3, 2021 | 8,000 | Unspecified (facilitated) |
| Victim 4 | Nov 6-7, 2021 | 130,000 | Facilitated |
Investigators determined that Shinjin kept more than £44,000 ($58,124) of the stolen assets. He spent the proceeds on luxury holidays to Dubai, upscale accommodation in Canary Wharf, and gold-plated dental grills.
Police investigation and legal consequences
Shinjin, who lived on Marsh Wall in Canary Wharf, pleaded guilty on September 28 to conspiracy to commit fraud by false representation and to transferring criminal property. The Inner London Crown Court delivered the sentence following his two arrests, the first at his Canary Wharf apartment in 2021 and another at Heathrow Airport in October 2023 after he returned from Dubai. In both police interviews, he declined to answer questions.
Detective Constable Simon Ardeman of the City of London Police commented on the impact of the crime, describing SIM swap fraud as “a sophisticated and increasingly concerning form of offending, and this case demonstrates the devastating consequences it can have for victims.” He emphasized that successful prosecution shows technology-facilitated fraud can be tracked and prosecuted with determination.
SIM-swap fraud represents a growing and complex threat, causing significant harm to victims. This case highlights how careful investigation and collaboration can lead to successful prosecutions, even in technically advanced crimes.
The sentencing comes over four years after the initial thefts. Related incidents in the UK have also seen multiple suspects charged. In May, ten people in England faced allegations over a phone impersonation scam, which resulted in at least one loss of £300,000 in cryptocurrency after perpetrators pretended to be either law enforcement or employees of a crypto firm to acquire wallet seed phrases.
International response and similar cases
International agencies have responded to similar crimes. The FBI and Homeland Security Investigations supported cybercrime units in Poland, where four suspects were detained on June 25. Authorities allege the group carried out SIM swap attacks to drain funds from cryptocurrency exchange accounts.
Verification and law enforcement collaboration across borders continue to be critical in combatting digital asset fraud.
