Authorities in Bulgaria, with aid from Europol and Eurojust, have busted an organized crime group involved in online investment fraud and money laundering. The Bulgarian National Police has arrested one suspect for defrauding German and Greek investors of at least €10 million ($11.45m). The police also searched 24 locations, interrogated 66 witnesses and seized electronic equipment, financial information and recordings.
Authorities began this joint investigation in 2019 after receiving complaints from the investors who had lost their investments through the online scam. The criminals had developed fraudulent websites and call centers that appeared to be legitimate. They fraudulently presented themselves as financial consultants, speaking German, Greek, English and Spanish to contact potential investors with false promises of large returns. Hundreds of victims invested in the fraudulent scheme and ultimately lost their money.
Justice and law enforcement authorities from Bulgaria, Germany, Greece, Serbia and Europol collaborated to complete this investigation. Together, the joint investigation team identified two call centers in Bulgaria that the criminals were operating.
Source: Europol