Police in Plovdiv have uncovered a cryptocurrency scam involving hundreds of thousands of dollars. A 47-year-old man has been detained on suspicion of persuading people to invest large sums in cryptocurrency with promises of returns of up to 20% per month.
The suspect allegedly posed as a financial consultant, initially convincing victims to deposit a minimum of 5,000 US dollars into an online platform he had created, enabling them to “invest” in cryptocurrency. Through personal accounts, investors were able to track their funds. At a later stage, however, the money was reportedly redirected to accounts controlled by the accused.
Plamen Pantov, Deputy District Prosecutor of Plovdiv:
“Once the funds were deposited into this platform, they were controlled exclusively by those who had set it up. To build trust and create a sense of legitimacy, some victims were even paid returns at the beginning, encouraging them to invest larger sums. It is a pyramid scheme.”
The fraudster promised returns of up to 20% per month on invested funds. Attracted by the prospect of quick profits, some victims invested sums of up to 50,000 US dollars.
Plamen Pantov, Deputy District Prosecutor of Plovdiv:
“After some time, when profits had accumulated in their accounts and they attempted to withdraw them, it turned out they no longer had access to the platform. It was controlled entirely by those who had created it.”
The victims of the scheme are from several villages in the Plovdiv region. The funds they invested had largely been earned while working abroad. The largest sum—280,000 US dollars—was invested by a 30-year-old man.
Plamen Pantov, Deputy District Prosecutor of Plovdiv:
“As for the origin of these funds, I believe the individual in question won them through a lottery or casino gambling.”
The suspect has now been formally charged. If found guilty, he faces a prison sentence of between one and eight years.
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