Euro Police Disrupt $17m Fake Investment Scheme

Euro Police Disrupt $17m Fake Investment Scheme

European police have disrupted a significant financial crime organization said to have made at least €15m ($17m) by tricking investors.

Between May 2019 and September 2021, the criminal network reportedly lured German investors via adverts on social media and elsewhere, supported by over 250 newly registered domain names.

As part of the scam, two call centers were reportedly set up in the Bulgarian capital of Sofia, where around 100 employees were required to pose as financial advisors and try to sell fake binary options — a type of financial betting.

Working from scripts, the call center operatives used pre-written messaging to nudge their victims into releasing more funds. However, most were not aware they were involved in a scam, according to Europol.

The criminal gang behind the scam took the money invested by these 'clients' and pocketed it, so that they didn't receive any payment of winnings or credit balance updates following their investment.

It's unclear where the scam's ringleaders were based, but the criminal network is said to have been connected to a Ukrainian company.

An action day on October 6 saw involvement from law enforcement and judicial authorities in Bulgaria,

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