Bulgarian police took down an online investment scam and money laundering network on Wednesday, alleging a single member personally defrauded German and Greek investors of more than €10 million (US$11,142,350).
Bulgarian police took down an online investment scam and money laundering network, alleging a single member personally defrauded German and Greek investors of more than €10 million (US$11,142,350). (Photo: EUROPOL, License)Investigators say that the criminal network conducted its business out of two call centers, and that by passing themselves off as financial consultants, they lured victims into investing with them with the promise of making significant returns.
Members of the conspiracy utilized German, Greek, English, and Spanish speakers in order to reach a broad audience of potential victims.
Authorities also say that the suspects established bogus websites to reinforce the impression to their clients that they were a legitimate business. Several hundred victims who made substantial investments lost all of their money, investigators say.
The scam was eventually exposed after German and Greek investors who lost everything turned to police for help.
Investigators across Bulgaria, Germany, Greece, and Serbia worked together to track down the criminal network’s activities and locations. The operation came to a head on Wednesday, when Bulgarian national police raided 24 locations in Sofia and Burgas.
The case recalls a 2020 investigation in which another…
