Newsroom
By Eleni Karanikola-Kontorousi
At least 10,000 people were reportedly recruited into an investment scheme that raised about $8 million by promising to double their money within 50 days through cryptocurrency trading powered by artificial intelligence.
According to the police investigation, it was a pyramid scheme that those involved allegedly promoted using an artificial intelligence association as a front.
Investors were not allowed to make withdrawals during the 50 days supposedly needed to double their initial investment. On Sept. 1, withdrawals were suspended altogether, ostensibly because the investment strategy was changing, leaving unsuspecting investors’ money locked up.
Investigators say members of the group allegedly established an association called the “Hellenic Artificial Intelligence Team Association — AT Team Greece” to give their activities an appearance of legitimacy. The association reportedly operated offices or branches in Larissa, Katerini, Peristeri, Kanalaki in Preveza, and Mytilene. It also organized social events and made donations and sponsorship contributions.
Investors were told their money would be used in automated trading and converted into the cryptocurrencies USDT or USDC. Returns were presented as guaranteed, with little or no risk. According to Greek police, however, the scheme operated without the required authorization from the relevant authority.
Recruiting new investors was a central part of the system. Those who brought in new members received commissions, while investigators say money from newer investors was funneled to people already in the network.
The proceeds allegedly earned by those involved were transferred to digital banks abroad or converted into cryptocurrency and deposited in digital wallets.
Katerini’s Crime Investigation and Detection Subdirectorate had been investigating the case for months. According to the investigation, three people allegedly formed the organization by April 22, 2025, at the latest, with others joining gradually.
During an operation on the morning of Sept. 30, police arrested 17 people, including two suspected of holding leadership roles. Another nine were identified and included in the case file. According to information obtained, several military personnel were among those arrested.
During the preliminary investigation, officers interviewed 18 alleged victims, who said they had invested a combined €55,970. Searches were conducted at five offices, nine homes and a hotel in Katerini, Larissa, Mytilene, Patras, Ioannina, Piraeus, Komotini, Preveza, Athens and Kavala.
Police seized €295,090, 32 mobile phones, 38 USB drives, 16 data storage drives, 21 laptops, seven desktop computers, 15 tablets, a money-counting machine and a surveillance camera recorder.
Bank cards, SIM cards, documents and notes were also found. A flare gun, three firecrackers and 26 metal pellets were additionally seized from one of those arrested.
Those arrested were brought before the prosecutor at the Katerini Court of First Instance and referred to an investigating judge.
