Authorities have successfully dismantled a large-scale cryptocurrency fraud operation that spanned Bulgaria, Cyprus, Serbia, and Germany, resulting in numerous arrests and the seizure of substantial assets. The criminal network, which Eurojust estimates defrauded victims of “at least tens of millions of euros,” engaged in a sophisticated scheme that targeted victims worldwide.
The operation involved four call centers and 18 other locations used by the criminal network. Law enforcement agencies conducted searches at these sites and arrested 14 individuals in Serbia and one in Germany. The arrests and operations were carried out as part of a coordinated effort to combat cryptocurrency-related fraud and cybercrime.
The criminal network operated by enticing potential investors online and then contacting them via phone calls, convincing them to make initial small investments that appeared to yield profits. Once trust was established, victims were encouraged to invest larger sums, ultimately resulting in substantial financial losses.
In total, more than 250 individuals were interviewed during the operation, which led to the seizure of significant assets. Authorities confiscated over 150 computers, various electronic equipment, data backups, three vehicles, two luxury apartments, $1 million in cryptocurrencies, and €50,000 in cash. These assets were connected to the cryptocurrency fraud operation and will likely be used as evidence in legal proceedings.
Investment scams involving cryptocurrencies have become increasingly popular among criminal networks due to their ability to target individuals seeking quick financial gains. Such scams often exploit victims’ desire for substantial short-term profits, making them susceptible to fraudulent schemes.
This successful dismantling of a cryptocurrency fraud operation highlights the ongoing efforts of law enforcement agencies to combat cryptocurrency-related crimes and protect potential victims from falling prey to fraudulent investment schemes. It also emphasizes the importance of international cooperation in addressing cybercrime that crosses borders.