Authorities in Argentina have arrested five individuals for conducting illegal Iris scans on victims, promising cryptocurrency and cash in return.

According to local news outlets, what the criminals were doing greatly resembles the practices of the widely known Worldcoin(WLD) project.

$600,000 in Cash Seized

The police arrested the suspects at a parking lot near a local shopping mall, after receiving an anonymous tip from a mall's security personnel who exposed the suspect's whereabouts.

Four men and a woman, who were believed to be the main culprits behind the scam, were arrested at the scene.

Police officers also confiscated 29 cell phones, a Volkswagen car, and over $600,00 worth of cash from the suspect's vehicle.

Police believe that the suspects were mimicking the practices of WorldCoin to conduct their scam, but all evidence is showing that there is no link between the suspects and WorldCoin.

They also believe that the suspect was harvesting data to use for identity theft. The suspects took advantage of the recent coverage of Worldcoin on local media agencies to gain the trust of residents.

The police said they have handed the case over to the Santa Fe prosecutors to investigate the the scope of the suspects' activities. Santa Fe prosecutors also want to establish "whether any victims" had swapped their biometric data for coins.