A woman, after defrauding victims of thousands of pounds, spent nearly 250,000 pounds on jewelry, travel, home improvements, vehicles, and takeaway food.

Nottinghamshire Police stated that Faisa Ali took funds from a large number of investors for her cryptocurrency company between 2021 and 2023, while guaranteeing that the money would not suffer any losses.

However, in March 2023, she sent a text message to a group of investors WhatsApp, stating that she had made a bad decision and had lost all of their money.

A 34-year-old woman living in Radford of Nottingham was sentenced to three years in prison on Monday at the Nottingham Crown Court, with a three-year suspended sentence, and was ordered to complete 300 hours of unpaid work.

According to the police, an investigation was launched after angry investors went to the home of Ali and she called the police.

Investigators stated that a total of 23 victims provided testimonies, almost all from Somali communities across the UK, including Nottingham, Sheffield, Birmingham, and London. One of them suffered losses of over £40,000.

Investigators confirmed that during the 18-month scam, Ali was fully aware that the value of almost all cryptocurrencies was experiencing significant and continuous declines, yet she continued to use the money from new investors to maintain a "luxurious lifestyle."

"A calculating scammer"

Bank statements show that between October 18, 2021, and March 22, 2023, she spent £76,140 on jewelry, £40,845 on travel, £65,183 on furniture and home improvements, £41,625 on car purchases and related payments, and £24,030 on fast food.

The police stated that a hearing regarding criminal proceeds will be held later, which may result in Ali having any cash and assets confiscated.

Detective Chief Simon Jones stated: "This is a complex investigation targeting a cunning scammer who systematically exploited the trust of numerous victims, stealing thousands of pounds in the process."

"Many of those who are targeted are not wealthy people. They work hard, save carefully, and some have even borrowed money in the hope of laying a foundation for a better future."

"For many of them, years, even decades of savings were wiped out in an instant, leaving them with nothing in the end."