GDBOP arrested 11 people for financial fraud and money laundering

A specialised police operation was conducted on January 13, 2025, in Sofia and Lom, with officers from the State Agency for National Security (SANS) and under the supervision of the Sofia City Prosecutor's Office.

During the investigation, authorities uncovered a well-structured and lasting criminal organisation involving individuals in various roles, operating since October 2022, according to the General Directorate for Combatting Organised Crime (GDBOP).

The organisers of the criminal activities created a network of linked companies and fronts, who made phone calls to randomly selected citizens, offering investment opportunities for activities allegedly benefiting them on global stock and cryptocurrency markets, and participation in startup companies.

The operation was conducted through call centres, the location of which was changed periodically. The scam exclusively targeted Bulgarian citizens.

The technical staff promised potential clients that they would multiply their investments significantly in a short time.

Victims realised they were being scammed only when they attempted to withdraw their "accumulated funds." For some time, they were misled into thinking their money would be returned after paying additional fees, but even after paying, they were unable to recover either their initial investments or any additional profits.

The clients also believed they were investing with a licensed company regulated by the Financial Supervision Commission.

This fraudulent activity generated substantial funds, initially estimated in the hundreds of thousands of leva (BGN). After a series of bank transfers, most of the investments were withdrawn in cash by frontmen, transferred to shell companies, and used to buy cryptocurrency or maintain a lavish lifestyle.

Photo by General Directorate for Combatting Organised Crime

Searches were conducted at 27 addresses and 7 vehicles, leading to the seizure of mobile phones, laptops, electronic signatures, contracts, lists, and other documents related to the case. Witnesses were also interviewed.

A total of 11 individuals were arrested for up to 24 hours. Six of them, four men and two women, were charged under Article 321, paragraph 3 in conjunction with paragraph 2 of the Criminal Code. Four individuals were placed under permanent detention, and two were placed under house arrest.

The two leaders of the criminal group, both with previous criminal records, were also arrested for the same crime.