Authorities dismantle a cross-border crypto fraud network in Europe

Authorities dismantle a cross-border crypto fraud network in Europe


The cross-border fraud network used name centres to defraud victims.
The network operated in Germany, Serbia, Cyprus, and Bulgaria.
15 individuals linked to the network have been arrested to date.

After the raid on Nexo’s workplaces in Bulgaria, the European Union Agency for Criminal Justice Cooperation and Europol has arrested 15 individuals allegedly linked to a crypto cross-border fraud network. 14 individuals have been arrested in Serbia whereas the fifteenth individual was nabbed in Germany.

The Bulgarian authorities have nevertheless stated that the raid of Nexo’s workplaces shouldn’t be linked to the crypto fraud network arrests.

The fraudsters reportedly used name centres from Serbia to defraud worldwide victims and had till their arrest defrauded victims tens of hundreds of thousands of euros. The search resulting in the arrest of the fraudsters was began again in 2021 and concerned Europol and the European Union Agency for Criminal Justice Cooperation.

Assets seized in the arrests

According to reviews, in the course of the arrests, the legislation enforcement businesses seized 150 computer systems, two luxurious residences, three vehicles, $1 million price of cryptocurrencies, and 50,000 in euros. The victims of the fraudsters are primarily in Austria, Australia, Switzerland, Germany, and Canada.

The authorities have nevertheless stated that the arrests are “almost the tip of the iceberg” since they discovered “high volumes of financial transactions.”

The authority’s announcement stated that the group:

“Operated the call centres from Serbia and used a technological infrastructure in Bulgaria to run the scheme and allegedly, Cyprus was the base for laundering the illegal proceedings.”



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