Germany and Cyprus target $11m investment fraud ring in major crackdown
Authorities in Germany and Cyprus shut down fake platforms, seizing luxury items and arresting suspects in a multimillion-dollar scheme.
German and Cypriot authorities launched a sweeping crackdown, conducting raids across 13 locations and arresting four men tied to an alleged $11 million investment fraud scheme, the European Union’s cybercrime agency, Eurojust, reported Thursday.
As part of the operation, officials seized cash, luxury watches, and two high-end vehicles, while dismantling 13 fake investment platforms.
The suspects reportedly relied on a familiar cybertrading scheme, drawing in investors with promises of high returns through sophisticated websites and polished social media profiles that appeared legitimate. To further build trust, they operated a call center where members of the organized crime group posed as professional trading experts.
Around 170 German investors transferred funds online, lured by fake statistics showing substantial profits—but ultimately lost everything.
The scammers promoted their fraudulent trading platforms on social media, often using fabricated celebrity endorsements and images of luxury items to lure new victims. Although investors were led to believe their money was being invested, the funds never made it beyond the criminals’ control, with victims encouraged to make further payments through deceptive online platforms.
The Bavarian Central Office for the Prosecution of Cybercrime opened the investigation in early 2024, culminating in this international operation to dismantle the fraudulent network.
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