Estonia e-Residency members suspected of fraud

Foreign citizens who have obtained remote access to the digital infrastructure of Estonia through the e-Residency program are suspected of fraudulent activities involving cryptocurrencies.

The Financial Intelligence Department is currently investigating illegal actions, which has already indicated in its report that companies registered abroad and headed by electronic residents from Estonia are involved in large-scale fraud using digital means, including in the organization of token sales. According to the head of e-Residency, Ott Watter, specialists actively cooperate with the police. “The analysis revealed that e-residents were also among the scammers,” he said.

We add, earlier Estonian officials said that the ability of non-residents to do business from abroad does not fully ensure security and prevent a criminal plan.