A man has been jailed for running an encrypted social media platform which led to millions being stolen from victims.

Ramzan Abubakarov, 21, of Hendon, was sentenced earlier today (February 8) at Croydon Crown Court to three years’ imprisonment.

He was found guilty on December 9 of 10 offences, including fraud by false representation, supply of articles for use in fraud, and possession of articles for use in fraud.

Abubakarov operated on an encrypted social media platform to engage in fraud and collaborate with thousands of other cybercriminals.

It was found that he coordinated fraudulent activities on his Telegram channel and was responsible for creating a web service for cybercriminals called “iChop.it.”

“iChop.it” was a platform for other cybercriminals to buy and sell compromised personal and financial data.

He advertised and posted evidence of engaging in various frauds such as submitting fraudulent HMRC tax return claims and gaining unauthorised access to bank accounts of unsuspecting members of the public.

By selling these tools to other criminals, Abubakarov was responsible for a financial loss amounting to more than £1.9million of victims’ money.

Abubakarov was arrested in November 2021 and a number of devices including laptops and phones were seized from his home address.

Times Series: A number of devices including laptops and phones were seized from Abubakarov's home address in November 2021A number of devices including laptops and phones were seized from Abubakarov's home address in November 2021 (Image: Metropolitan Police)

A forensic analysis of the devices led to the discovery of compromised personal and financial data of more than 30,000 victims, custom phishing kits of various UK and international banks and more than one million UK and international mobile numbers.

Det Supt Helen Rance, who leads on cybercrime for the Met Police, said: “Taking away the tools and systems that enable criminals to exploit and target innocent people is a great challenge to us and our partners, however we are dedicated to bringing these criminals to justice.

“We are reinventing the way that fraud and cybercrime is investigated and through this, we are able to identify and target criminals and safeguard further victims.”