Jamaica: Three convicted in $61 million SIM-swap fraud and money laundering scheme

Jamaica: The Corporate Area Parish Court has handed down convictions against three individuals associated with a $61-million fraud and money laundering scheme that relied on SIM-swap fraud and money-laundering ring that exploited bank systems and drained victims’ accounts.

The three convicted individuals have been identified as two customer service representatives who are aged 25 and 29, and a 32-year-old self-employed man.

The discovery of the fraud reportedly took approximately five years, in 2021 after police received a report from a local financial institution about an alleged fraud that took place.

The report reportedly triggered a joint investigation that was led by Jamaica’s Financial Investigations Division (FID) in collaboration with the Jamaica Constabulary Force (JCF).

As the investigation expanded, more agencies were involved, including the Constabulary Financial Unit (CFU) within the Counter-Terrorism and Organised Crime Investigations Branch (C-TOC),  and the Major Organised Crime and Anti-Corruption Agency (MOCA).

According to investigators, those involved in the fraud, assumed to be more than the three charged, heavily relied on SIM-swap fraud. Leaving victims to  first lose control of their mobile numbers through social-engineering tactics.

The perpetrators then created or hijacked online banking profiles and diverted funds into accounts controlled by the individuals who acted as money mules. The money mules reportedly, quickly withdrew the amount after it had entered their accounts, further frustrating the recovery efforts from the authorities.

The three suspects  have been charged for their roles in the criminal acts that reportedly ranged from granting access to computer systems to engaging in financial transactions involving criminal property.

With their offences including, unauthorized access to computer data and devices, unlawfully making available devices or data for the commission of offences and engaging in transactions involving criminal property.

Investigators further reported that there are a total of nine people who are set to face justice in connection to the $61-million scheme. While three have been convicted, six others are reportedly still facing trial. The sentencing of the 25 and 29 years old customer service representatives along with the 32-year-old self-employed man is set for Thursday, November 6, 2025.

While those still facing charges represent a broad cross-section of society, the remaining  yet to be charged include   a 34-year-old accountant, 24-year-old account associate, a 23-year-old legal filing clerk, a 35-year-old counter clerk, and others involved in professional and junior roles.