Niall Brennan was reported missing from Mullinahone, county Tipperary since Monday, October 13, 2025.
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21 Nov 2025
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21 Nov 2025
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The Serious Fraud Office has raided properties in West Yorkshire and London and arrested two men after launching its first major investigation into fraud linked to cryptocurrency.
It said the action follows the collapse of a firm which raised 28 million US dollars (£21.4 million) from investors.
On Thursday, the law enforcement agency appealed for information from investors in a cryptocurrency scheme called Basis Markets.
It said it launched the investigation into the “suspected fraudulent scheme” with two raids in West Yorkshire and London.
#Breaking: Two men have been arrested on suspicion of fraud and money laundering as part of a new SFO crypto investigation into Basis Markets.
SFO searches of residential properties in London and Yorkshire are ongoing.
Read more online: https://t.co/JoxTbzEsah pic.twitter.com/fbno5V2Xe2
— Serious Fraud Office (SFO) (@UKSFO) November 20, 2025
Investigators, supported by the Metropolitan Police and West Yorkshire Police, searched properties in Herne Hill and near Bradford, arresting two men.
It said the men – one of who is in his 30s and the other is in his 40s – were arrested on suspicion of multiple fraud and money-laundering offences.
Basis Markets raised around £21.4 million through two public fundraisers in 2021, stating it would use funds to create a so-called “crypto hedge fund”.
In June 2022, investors were informed that the project could no longer proceed as planned due to new rules in the US.
Nick Ephgrave, director of the SFO, said: ”With our expanding cryptocurrency capability and growing expertise in this area, we are determined to pursue anyone who would seek to use cryptocurrency to defraud investors.
“Today’s action is an important step in our investigation, and we’re urging anyone with information to come forward and support our enquiries.”
Solicitor general Ellie Reeves MP said: “Fraud is a destructive crime, that harms communities and destroys business confidence.
“Those committing fraud aren’t just taking away from hard-working members of the public but undermining British values of fairness and playing by the rules.
“As solicitor general, I will resolutely support the Serious Fraud Office to tackle the scourge of cryptocurrency fraud and protect consumers.
“I urge anyone with information to come forward and assist the SFO with their investigations.”
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