An organised crime group responsible for defrauding more than 100 victims of over €3 million through a fake online investment platform has been dismantled following an international law enforcement operation.
The investigation, led by German authorities and supported by Europol and Eurojust, saw coordinated actions in Albania, Cyprus and Israel, resulting in the dismantling of the criminal group and the arrest of a suspect in Cyprus.
The criminal network lured victims with the promise of high returns on investments through a fraudulent online trading platform.
After the victims made initial smaller deposits, they were pressured to invest larger amounts of money, manipulated by fake charts showing fabricated profits.
Criminals posing as brokers used psychological tactics to convince the victims to transfer substantial funds, which were never invested but directly pocketed by the group.
German authorities initiated the investigation after a married couple reported falling victim to the scam.
The inquiry revealed an extensive criminal network, and a first action day on 6 September 2022 led to searches in Belgium and Latvia, where two suspects were arrested, and crucial evidence was seized.
This evidence helped identify seven additional members of the network, including the managers of call centres used to deceive victims.
A second action day took place on 13 May 2025. A total of eight searches took place simultaneously in Albania, Cyprus and Israel.
During the searches, authorities seized evidence to continue the investigation, such as electronic devices and documents, as well as cash. A suspect in Cyprus was arrested with the intention of either surrendering or extraditing them to Germany.
Eurojust facilitated judicial cooperation, ensuring smooth coordination across borders.
Europol provided operational support throughout the investigation, deploying experts in Albania, Israel, and the United Kingdom. Europol also set up a virtual command post to facilitate real-time coordination and intelligence sharing.
The investigation remains ongoing, with further actions expected.
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