Raids and Arrests in €100m Cryptocurrency Investment Scam Bust, Bulgaria also Linked to the Scheme

A coordinated operation led by the European Union Agency for Criminal Justice Cooperation (Eurojust) has exposed a large-scale cryptocurrency fraud that defrauded more than 100 victims of at least €100 million. Raids were carried out in Spain, Portugal, Italy, Romania and Bulgaria, resulting in five arrests, including the alleged ringleader.

Bank accounts have been frozen as part of the investigation.

In Bulgaria, the operation involved the Sofia City Prosecutor’s Office and the Plovdiv District Prosecutor’s Office.

Victims were lured through professionally designed online platforms with promises of substantial profits from cryptocurrency investments. Instead, the funds were diverted and laundered in Lithuania.

“When investors tried to withdraw their money, they were asked to pay additional fees, after which the website would vanish. In the end, people lost most or even all of their funds,” Eurojust said in a statement.

The scheme, which operated from at least 2018, spanned 23 countries. Victims included citizens of Germany, France, Italy and Spain.

The suspected organiser has been charged with large-scale fraud and money laundering.

Although the raids were carried out last week, details were only made public today, 23 September, due to ongoing legal proceedings in several countries.