• Wed. Jun 7th, 2023

German Authorities Make Arrests of Six Involved In Crypto Scam worth $36 Million

May 17, 2021

A massive crackdown operation was launched by law enforcement agencies in Germany and resultantly 6 individuals, who were allegedly connected with a crypto scam worth US$ 36 Million, have been arrested. Initial investigation report revealed that the apprehended individuals had scammed European crypto investors in virtual currency.

A complaint was lately lodged before the German Police by a few of the locals alleging that they have been defrauded. The complaints also alleged that a gang of looters in disguise of a crypto trading platform stole their investment money amounting to US$ 8.5 Million. Fake crypto exchange platforms were established and used to entice people in giving them the money on the basis of false promises that high yields would be guaranteed.

Upon the complaint, the German Police first conducted its initial inquiry and then decided to carry out a full-fledged crack-down operation. This operation reportedly spread through the entire European region.

During the raid operations, at least six individuals have been apprehended from different locations within Europe. Through mutual cooperation of Europol, German Police arrested 5 individuals from Bulgaria while the sixth person was taken into custody from Israel. It was further reported that raids were also carried out in the European countries of Sweden, Poland, and North Macedonia. It was alleged by the authorities that the arrested individuals are the persons wanted in a crypto scam worth US$ 36 Million.

After the arrests, a statement too was published by Europol summarizing the methods utilized by fraudsters to defraud European crypto investors.

The statement noted that about four different crypto trading platforms look-a-like were established by the arrested persons. At these fake crypto trading platforms, the fraudsters initiated false promotion of their nefarious designs on several social media platforms. These fake promotions led the victims to crypto fraud platforms and the people there asked them to invest money. Disguised as experienced crypto traders, these criminals then reached out to the victims via phone calls. The criminals also forged profit statements to show to the victims as if they were making huge sums of money. But when people gave them the money in trust, they never responded back.

The law enforcement agencies further confirmed that from criminals’ possession they have seized valuable goods, items, and movable assets. The authorities also took in its possession US$ 2.4 which was in the possession of the accused at the time of their arrests.

It was later revealed that this was the same gang of criminals who ran their fraudulent campaigns in Spain as well. There are literally more than 300 complaints lodged by Spanish victims with their local law enforcement agencies.

Europol further apprised that the criminals had established their call centers in northern Macedonia and Bulgaria. The persons who were running the day-to-day affairs of these call centers were reportedly nationals of Israel. Allegations of money laundering too have been leveled against the apprehended individuals as well.

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