100+ Arrested in €100M Crypto Investment Fraud Bust
Over 100 individuals have been arrested in a major crackdown on a cryptocurrency investment fraud operation. The bust, coordinated across several European countries, targeted an organised criminal group that defrauded victims across Germany, France, Italy, and Spain of at least €100 million.
The suspected mastermind behind the scheme, a man running a sophisticated online investment platform, was apprehended during the operation. Europol experts from the European Financial and Economic Crime Centre and European Cybercrime Centre played a crucial role in the raids. The group operated three call centers, with 80 arrests made in Latvia and 28 in Lithuania. Authorities seized cash, bank accounts, luxury vehicles, and €95,000 in cryptocurrency.
Investment fraud has proven lucrative for cyber-criminals. In 2021, it was the second biggest money-maker, costing victims nearly $1.5bn, according to the FBI. The gang in this case is estimated to have made €3m ($3.3m) per month. They targeted victims globally, with operatives speaking multiple languages including English, Hindi, Russian, and Polish. Proofpoint warned of a surge in malicious activity from call center scams last year.
The latest bust highlights the global reach and sophistication of cryptocurrency investment fraud. With significant assets frozen and charges of large-scale fraud and money laundering pending, authorities are working to dismantle this organised crime group and bring its members to justice. The operation serves as a reminder for potential investors to be vigilant and cautious when approached about investment opportunities.
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