European Authorities Shut Down Fraudulent Cryptocurrency Investment Call Center, Arrest 14 Suspects


The company is located in Serbia, Bulgaria, Cyprus and Germany. Authorities interviewed more than 250 suspects. European authorities have shut down a fraudulent call center that preys on people interested in investing heavily in cryptocurrency scams. The company is located in Serbia, Bulgaria, Cyprus and Germany. According to a statement released Thursday by Eurojust, the network is responsible for the theft of tens of millions of euros from hundreds of people involved in Germany, Switzerland, Austria, Australia and Canada.

Fourteen people were arrested in Serbia and one in Germany when the police there raided the contact center and other places.

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European – Millions of Euros In Illegal Profits

In 2021, the public prosecutor’s office in Stuttgart and the criminal investigation office of Baden-Württemberg started an internet fraud investigation.

Authorities interviewed more than 250 suspects and seized property, including 3 cars, 2 high-rise buildings, 3 hardware wallets with about $1 million in cryptocurrencies, more than 150 computers, various electronic devices apart from data support, and €50,000 ($54,000) in cash.

As part of a coordinated project. Europol says the actual number of crimes committed is higher than reported. Given that the gang controls at least four call centers in Eastern Europe, their illegal profits could quickly reach hundreds of millions of euros. The criminals used social media to spread false information about their cryptocurrency investment, which they used to direct victims to fake websites.

According to Europol, the victims, who are usually in Germany, have to keep a small three-digit number before they agree to transfer large sums of money through the criminal network.

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