Recently, two weeks after the European Criminal Police Organization announced the arrest of five suspects suspected of operating a large-scale international fraud network, Israel has completed its investigation within its territory and is waiting for Germany to submit a formal request for the extradition of the suspect. The headquarters of the network is located in Israel, and the executive departments are located in Romania and Bulgaria. So far, the scam has cost at least 33000 victims approximately 89 million euros.
Europol and its colleagues arrested five people last month on suspicion of investigating fraudulent online investment platforms operated between 2019 and 2021, including binary options. The high-value target was arrested after conducting searches in 15 different locations in Bulgaria, Romania, and Israel,. In addition, the police raided five illegal call centers during a two-day cross-border operation.
Dudi Katz, commander of the Israeli FBI and Lahav433 network department, revealed to the public: "We conducted a joint investigation into multiple objects operating in Israel and dispersed call centers in Eastern Europe. They engaged in investor fraud through them." He also added, "The victims mainly came from Germany - there were thousands of people. We arrested these people in Bulgaria and Romania at the same time
Law enforcement agencies did not name any fraudulent platforms, but these plans deceived at least 33000 victims. According to the latest data, the initial crackdown last year estimated a loss of at least 15 million euros, but the final loss was 89 million euros. In addition to arrests, law enforcement agencies also seized several "high-value assets" during the operation. They include luxury watches, electronic devices, bank cards, Bitcoin, cash, a large number of files, and data carriers.
The official statement of Europol details that scammers use professional looking banners on their websites to attract investors and promote these plans on social media. They operate call centers in various European countries.
Initially, fraudsters encouraged victims to make small investments between 200 and 250 euros and display false profit graphics and software. Then, the so-called personal financial advisor contacted these investors, promising higher returns on more important investments. In fact, "these higher investments were subsequently lost, and illegal profits were paid to the offender's bank account," Europol pointed out.
