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A transnational organized crime group accused of defrauding more than 100 people of more than 3 million euros ($3.35 million) through a fake online investment platform has been dismantled following a coordinated international law enforcement operation, authorities said Tuesday.
The investigation, led by German prosecutors and supported by Europol and Eurojust, resulted in raids across Albania, Cyprus and Israel. A suspect was arrested in Cyprus, with proceedings underway for extradition or surrender to Germany.
Authorities said the criminal network operated a fraudulent trading platform that lured victims with promises of high returns. Initial small deposits were followed by pressure to invest larger sums, as fake charts showed fabricated profits. Criminals posing as brokers used psychological tactics to extract significant funds, which were never invested but instead pocketed by the group.
The case began in Germany after a couple reported falling victim to the scheme. A broader investigation revealed an extensive network spanning multiple countries. A first action day in September 2022 led to arrests in Belgium and Latvia and the seizure of key evidence, which helped identify additional suspects, including call center managers involved in the scam.
On May 13, authorities carried out a second round of raids, executing eight searches across Albania, Cyprus and Israel. Investigators seized electronic devices, documents and cash to support ongoing inquiries.
Eurojust coordinated judicial cooperation to ensure cross-border legal alignment, while Europol provided operational support, including on-site experts and a virtual command post for real-time intelligence sharing.
The investigation remains active, with further actions expected, according to Europol.
