Authorities In Europe Dismantle A Fraud Crypto Network In 4 Countries

Key Points:

• Serbia, Germany, Cyprus, and Bulgaria were all part of a crypto fraud network that was destroyed by European law enforcement.
• According to reports, the fraudsters used contact centers based in Serbia to scam consumers from around the world, and up until their arrest, they had stolen tens of millions of euros from victims.
• So far, 15 people who were affiliated with the network have been detained.

Across Serbia, Germany, Cyprus, and Bulgaria, law enforcement authorities in Europe have taken down a network of cryptocurrency fraud. A call center scam allegedly utilized in the cross-border operation stole millions of euros from foreign victims.

Prior to their arrest, the fraudsters are said to have defrauded victims to the tune of tens of millions of euros by using call centers based in Serbia to defraud international victims. Cyprus is also said to have served as the fraudsters’ base of operations for the alleged money laundering operations. Beginning in 2021, the investigation that resulted in the fraudsters’ capture involved both Europol and the European Union Agency for Criminal Justice Cooperation.

After the online fraud investigation was begun in 2021, the European Union Agency for Criminal Justice Cooperation and Europol arrested 14 persons in Serbia and one in Germany.

Authorities reportedly seized 150 laptops, two mansions, three vehicles, $1 million worth of cryptocurrency, and 50,000 euros during the arrests. Most of the countries where con artists prey upon people are Austria, Australia, Switzerland, Germany, and Canada.

Even though the precise sum was not made public, law enforcement officials claim that it is almost clear that the number is only a small portion of the transaction discovered. They uncovered a sizable number of money transactions while conducting their inquiry.

The European Union Agency for Criminal Justice Cooperation and Europol have detained 15 people after the raid on Nexo‘s offices in Bulgaria for allegedly being part of a network of cross-border cryptocurrency fraud. In Serbia, 14 persons were detained, while the 15th was taken into custody in Germany.

However, according to the Bulgarian government, the arrests made in connection with the crypto fraud network are unrelated to the raid on Nexo’s premises.

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Harold

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