Lancashire Police awarded £500k to reinvest in crime fighting after Bitcoin seizure
Lancashire Police are to receive £500,000 to reinvest in crime-fighting following a major fraud investigation.
Lancashire Police are set to receive £500,000 to reinvest in crime prevention after a landmark crypto seizure linked to a major fraud investigation.
The force launched its investigation back in December 2017, following reports that money had been stolen from a victim. Officers later discovered the offenders—based in Blackpool, Fleetwood and Blackburn—had converted the stolen funds into Bitcoin.
Those responsible were dealt with in court and sentenced. But as the value of Bitcoin rose over time, the amount held in the crypto wallet increased beyond the original sum stolen.
In a first for Lancashire Police, a crypto wallet freezing order was enforced under new powers in the Proceeds of Crime Act, allowing the force to apply for its forfeiture.
The victim was fully compensated, and with the law preventing overpayment, a surplus of £1 million remained. A judge granted the forfeiture, with the proceeds split between the Home Office and Lancashire Police.
The force will receive £500,000 within the next few months, which will be reinvested through the Prevention and Problem-Solving Innovation Fund—used to support community safety projects and crime reduction initiatives.
Det Sgt David Wainwright, of Lancashire Police’s Economic Crime Unit, said:
“This is a great result for the people of Lancashire, and hopefully the first of many future uses of this new legislation.
“It’s unusual for the criminal property to raise in value to more than that of the original crime, but this has allowed us to fully compensate the victim, with some spare that can be used to reduce crime, helping us to protect the people of Lancashire.”
Previous investments from the fund have supported equipment like drones, spam call blockers, and community-led projects approved by the force’s Antisocial Behaviour Prevention team.