Germany and Cyprus target $11m investment fraud ring in major crackdown

389     0
Germany and Cyprus target $11m investment fraud ring in major crackdown
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.

James Smith

Scams And Fraud, Fraud, Crackdown, Cyprus, Germany

Read more similar news:

03.02.2023, 10:06 • News
Boy, 10, killed and friend, 9, seriously injured after being hit by train
12.01.2023, 02:46 • News
Riot police evict people from village as it is demolished for new coal mine
17.01.2023, 16:46 • News
Greta Thunberg detained by police as she's seen being carried away by officers
21.01.2023, 00:41 • Politics
'Germany must realise Putin can't be allowed to win and Ukraine allowed to fall'
21.01.2023, 13:05 • News
Driverless 'ghost train' set fire then ‘fled' from police with nobody on board
25.01.2023, 15:24 • News
Knife attacker goes on rampage on train with two dead and seven injured
02.03.2023, 18:06 • Crime
Man who gets new tattoo every week has now spent over £10,000 on body inkings
10.03.2023, 10:28 • News
Evil gunman, 35, who killed seven in church shooting before being found dead
11.03.2023, 08:27 • Crime
Police told Hamburg gunman could be dangerous weeks before deadly shooting
12.03.2023, 16:00 • News
Woman spent £20,000 on cancer treatment abroad as it's not available on the NHS