Call centers selling fake crypto taken down in Bulgaria, Serbia and Cyprus

By Gangsters Inc. Editors

Law enforcement and judicial authorities from Bulgaria, Cyprus, Germany and Serbia teamed up against organized crime groups involved in online investment fraud, Europol reported Thursday. This criminal network, comprising a number of different actors operating through call centers, lured victims into investing large amounts of money into fake cryptocurrency schemes.

The suspects used advertisements on social networks to lure victims to websites covertly operated by the criminals, which offered seemingly exceptional investment opportunities in cryptocurrencies. The victims, mainly from Germany, would first invest low, three-digit sums. Fake price hikes leading to supposedly lucrative profits for investors then persuaded them to make transfers of higher amounts.

Over €2 million in damages – Profits might be hundreds of mllions

Currently, it is estimated that the financial damage to victims in Germany is over two million euro, while people in other countries such as Switzerland, Australia and Canada also fell for the scam. The investigation suggests that the number of unreported cases is likely to be much higher. This would mean that the illegal gains generated by the criminal groups, with at least four call centers in eastern Europe, may be in the hundreds of millions of euro. 

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