Five suspects have been taken into custody by European law enforcement in relation to a “elaborate” internet investment fraud operation that defrauded more than 100 victims in France, Germany, Italy, and Spain out of more than €100 million ($118 million).
Eurojust reports that five locations in Spain, Portugal, Italy, Romania, and Bulgaria were searched as part of the coordinated operation. Financial assets linked to the cybercrime group, including bank accounts, were blocked.
The operation’s primary offender has been charged with widespread fraud and money laundering after operating an online investment platform for a number of years and defrauding gullible people out of their money by promising them big returns on investments in different cryptocurrencies.
Following the deposits, the money was moved to Lithuanian bank accounts in order to be laundered. The website used to carry out the fraud disappeared read more about Eurojust Arrests 5 in €100M Cryptocurrency Investment Fraud Spanning 23 Countries.
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