Authorities detain six individuals believed to be involved in a million-dollar scam.
Over 280 law enforcement officers conducted raids in Germany, Austria, Spain, Switzerland, and five other European countries. These actions are suspected to be tied to a large-scale alleged investment scam involving 113 million euros.
The criminal operation allegedly targeted German and international citizens with promises of shocking returns on cryptocurrency investments. The Thuringian Criminal Police and Public Prosecutor's Office in Erfurt shared this information. On Tuesday, investigators executed search warrants in six European countries and detained six individuals suspected of being involved.
The alleged fraudsters marketed their supposed investment opportunities through online platforms and direct sales, promising a guaranteed 200% return in just three years. Investigators estimate the damage caused to victims at €113 million, but there's evidence these funds were not invested; instead, they were apparently used by the suspects for personal gain.
Investigations into this case have been going on for a year, initiated after a tip from the Federal Financial Supervisory Authority (BaFin). Authorities in Erfurt shared that a total of €113 million in damages is assumed based on current investigative progress.
Searches took place in Germany, Austria, Liechtenstein, Switzerland, Lithuania, and the Czech Republic. German states involved in these operations were Thuringia, Saxony, Berlin, Brandenburg, and Bavaria. Assets were also seized. No further details, such as the number of victims, were disclosed.
The investigation was led by Thuringian investigators in collaboration with the Public Prosecutor's Office of the Swiss Canton of Zurich. Europol and Eurojust, European law enforcement and judicial authorities, assisted in these efforts. The BaFin aided the investigations against the criminal network by providing extensive cooperation. The suspects are being investigated for commercial and organized fraud.
Pseudonym: Digital InvestigatorDate: May 25, 2023
Six Arrestees
The raids were carried out in Thuringia, Saxony, Berlin, Brandenburg, Bavaria, and other European countries, with assets being seized. Authorities made arrests based on previously issued search warrants, but they have not revealed the exact locations where these arrests took place. It's important to note that further information, including the total number of victims, was not provided in the press release.
The operation was an international effort, with investigators from all over Europe working together. Initially, the Thuringian Criminal Police and the Public Prosecutor's Office in Erfurt began the case, but it later received support from the Federal Financial Supervisory Authority (BaFin). This support was integrally entwined with operations led by the Swiss Canton of Zurich's Public Prosecutor's Office.
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- The international raid involved authorities in Germany, Austria, Spain, Switzerland, Lithuania, Liechtenstein, and the Czech Republic, among other European countries.
- The Thuringian Criminal Police and Public Prosecutor's Office in Erfurt led the investigation, with support from BaFin and the Swiss Canton of Zurich's Public Prosecutor's Office.
- The suspects are being investigated for commercial and organized fraud, which allegedly involved promising shocking returns on cryptocurrency investments.
- The Police in Saxony and Berlin, along with their counterparts in Brandenburg and Bavaria, also participated in the raids and asset seizures.
- Europol and Eurojust provided assistance to the operation, helping coordinate efforts across multiple European countries.
- The alleged investment scam targeted German and international citizens, causing an estimated €113 million in damages according to the current investigative progress.
- The investigation into this case was initiated by the Federal Financial Supervisory Authority (BaFin) after receiving a tip.
