European agencies Eurojust and Europol have rolled up a cryptocurrency network in a joint action. The network operated call centres in Serbia and scammed victims from Germany, Switzerland, Austria, Australia and Canada for tens of millions of euros.
Four call centres and 18 locations were searched in Serbia, Bulgaria, Cyprus and Germany with fifteen people arrested in Serbia and Germany. In total, more than 150 computers, electronic equipment and data backups, three cars, two luxury apartments, one million dollars in cryptocurrencies and 50,000 euros in cash were seized.
The number of victims identified is almost certainly just a tip of the iceberg. During investigations into the criminal group that operated the fraudulent call centers, huge financial transactions were discovered. The call centres in Serbia used technological infrastructure in Bulgaria to implement the program. Allegedly, Cyprus was the basis for laundering the illegal procedures.
The network attracted potential investors online and contacted the victims by phone to entice them into making small investments. After initial profits, victims invested more money, which they subsequently lost. During the operation, active call centres were searched and closed by the authorities in Serbia.