Newsroom
An extensive international investigation has uncovered a large-scale criminal network involved in cryptocurrency and online gambling scams, with Cyprus playing a significant role in the operation. Limassol, in particular, emerged as a key location for the group’s activities.
According to Eurojust, nine individuals were arrested across Cyprus, Germany, and Spain during coordinated raids on October 27 and 29. Of these, seven arrests were reported in Limassol, following investigations that have been ongoing for roughly two weeks. Most of those detained are citizens of Russia and Israel, with one Greek Cypriot among them. Authorities are still examining the extent of each person’s involvement.
The Cypriot police, working alongside MOKAS and the Legal Service, coordinated closely with French, Belgian, German, and Spanish law enforcement under the guidance of Eurojust and Europol.
Modus operandi of the fraud network
The criminal ring operated by creating numerous fake cryptocurrency investment platforms that appeared legitimate. Victims were targeted through a combination of social media advertising, phone calls, fabricated news stories, and falsified endorsements from “celebrities.” Once funds were transferred to the platforms, investors lost access to their money permanently. The illicit profits were then laundered using specialized methods.
Eurojust estimates that the network earned approximately €600 million from these fraudulent activities. During the raids, authorities seized €800,000 in bank accounts, €415,000 in cryptocurrencies, and €300,000 in cash.
International collaboration
The investigation began after victims filed complaints. Initially, a joint French-Belgian task force was established, with Cyprus, Germany, and Spain joining later for operational coordination. The operation is considered highly complex, involving ongoing international intelligence sharing and targeted interventions at both corporate offices and private residences.
