Newsroom
Cyprus played a surprising dual role in a major international cybercrime sting that exposed a global network behind one of the biggest online fraud schemes in recent years.
As part of “Operation Chargeback,” coordinated across 11 countries on November 4, authorities dismantled three major criminal groups accused of stealing millions through fake online subscriptions and money laundering. More than 4.3 million people in 193 countries fell victim to the scam, which generated an estimated €300 million in losses.
Investigators say the criminals used stolen credit card data to set up phony subscriptions for adult sites, dating platforms, and streaming services, charging small, vague amounts of around €50 a month to avoid being detected. The payments were funneled through shell companies in Cyprus and the UK, masking the true origin of the money.
But Cyprus wasn’t just a link in the fraud chain; it was also part of the crackdown. In coordinated raids, Cypriot police arrested two suspects, searched company offices and homes, and seized electronic devices and documents as evidence.
The operation, backed by Europol and Eurojust, involved authorities from Germany, Canada, Italy, Luxembourg, Singapore, Spain, the UK, the US, and others.
The Cypriot Police, particularly the Crime Suppression Department and the Electronic Crime Sub-Directorate, played an active role in tracking digital evidence. Officials said their cooperation with European partners was crucial to tracing the money flow and dismantling the network’s structure.
While the case highlights once again how Cyprus-based shell firms can be exploited for illicit financial activity, it also shows that the island is becoming a stronger partner in Europe’s fight against cross-border crime.
