Man charged with raft of Bitcoin offences in a legal first for Northern Ireland.
This is the man accused of a “large” Bitcoin scam in what is believed to be the first case of its kind in Northern Ireland.
Jawad Yaqub is alleged to have used his Co Down-based company Razormind Ltd to defraud people out of the virtual currency over the course of more than two years.
It’s also claimed the 43-year-old falsely told clients the firm was a world-leading information technology services company which provided a wide range of services to “financial institutions, governments and high-net worth individuals”.
He is also charged with fraudulently stating he had two university degrees from Queen’s University, Belfast.
Yaqub faces a total of 25 charges including fraudulent trading, fraud by false representation, theft and converting criminal property.
The case against the Holywood man was heard for the first time at Newtownards Magistrates Court last week.
Yaqub’s barrister told the court he is currently “living on the goodwill of others” as he can’t apply for benefits because he has too much money but its held in accounts that are now restricted and he currently survives on £250 per week.
The lawyer asked for the case to be adjourned for four weeks to consider the papers received in what he said was a “large fraud”.
District Judge Mark Hamill listed the case for a preliminary enquiry hearing on December 15 after which it will be sent to the crown court. Court documents state that between February 2016 and October 2018 Yaqub, of Ben Vista Park in Holywood, Co Down, acted as a director of Razormind Ltd and defrauded participants of a crowd sale of the cryptocurrency.
He is also accused of claiming that Razormind Ltd was a world-leading information technology services company which provided a wide range of services to “financial institutions, governments and high-net worth individuals” as part of the same fraud.
Yaqub is further accused of falsely claiming his firm carried out work for the Bank of America, the Commonwealth Bank of Australia, the Centre for Responsible Lending, Chubb, Deutsche Lufthansa, the Farmers Mutual Group, Health Partners, Telefonica O2 and Texas Public Schools.
The documents also alleged that Yaqub claimed to participants in the crowd sale of Bitcoin that he has a masters degree and a PhD from Queen’s University Belfast.
Yaqub is also accused of stealing 397 Bitcoin from Razormind Ltd between July 2016 and September 2018.
He is also charged with 19 counts of converting criminal property in the form of Bitcoin on various dates between August 2016 and June 2018. Bitcoin was first launched in 2009 as a form of entirely digital currency outside the control of financial institutions or governments.
At time of going to press a single Bitcoin was worth just under £14,000, with some countries, notably Iran and El Salvador, declaring it legal tender for official transactions.
According to Companies House, Razormind Ltd was founded in February 2016 and dissolved in July 2017.
Its address on its Companies House listing is given as 55 Clive Road in Holywood which is located within the Palace Barracks Army base.
