European authorities uncovered trading scheme resulting in EUR 30 mln in losses

A cross border operation supported by Europol and Eurojust has dismantled on 11 May 2021, a large criminal network involved in investment fraud and money laundering. The investigation, led by Germany, involved law enforcement and judicial authorities from Bulgaria, Israel, Latvia, North-Macedonia, Poland, Spain, and Sweden.

The criminal network created different trading online platforms advertising substantial profits from investments in high-risk options and cryptocurrencies. The criminal group ran at least four of such professionally looking trading platforms, attracting victims through advertisements in social media and search engines.

Furthermore, according to Europol website, the members of the criminal group were posing as experienced brokers when contacting the victims via the call centre they had set-up. The suspects were using manipulated software to show the gains from the investments and to motivate the victims to invest even more.

The fraud scheme, organised mainly by Israeli nationals, included call centres, ran from Bulgaria and North-Macedonia. The suspects laundered the illegal profits through bank accounts controlled or owned by shell companies based in different EU countries.