Authorities in Europe have dismantled several investment fraud schemes across the continent and recovered some of the money victims lost. Confiscation of proceeds from crimes is a strategic priority of the European Union, Europol said.
Law enforcement across Europe in action against investment fraud schemes. (Photo: Nick Youngson, Picpedia, License)With the help of U.K. law enforcement and Europol, Spanish police recovered some of the over 15 million euro (US$18,2 million) hundreds of victims had lost in a ponzi scheme after a Spanish national living in the U.K. tricked them into making seemingly safe investments with high returns.
Police recovered about six million euro ($7,28 million) or some 40 percent of the money people invested, according to Europol.
“An investigation was launched at the beginning of March 2019 after a complaint was filed in Gerona, Spain, after the main suspect disappeared,” read the statement.
Other complaints soon emerged, detailing a pyramid scheme committed by the missing suspect.
U.K. authorities helping the investigation found more than £642,000 ($904,900) in U.K. bank accounts and froze them to ensure they can be confiscated. British investigators have also traced back a portion of the redirected funds that had been deposited in online gaming firms, a luxurious car, jewelry, and IT equipment.
“Confiscation is a strategic priority in the European Union’s fight against organized crime. The recovery of proceeds from crime deprives…
