Cryptocurrency fraud in Thessaloniki: 17 arrests, 8 million dollars on platform
A criminal pyramid scheme posing as cryptocurrency investment was dismantled with 17 arrests across 10 regions. 295,090 euros and digital equipment were seized.
Cryptocurrency pyramid scheme dismantled – 17 arrests across 10 cities
Seventeen people were arrested in a coordinated police operation targeting a criminal organisation operating as a pyramid scheme, promising high returns from purported cryptocurrency investments. According to To Vima, the scheme was dismantled following months of investigation by the Katerini Anti-Crime and Investigation Directorate.
Police authorities announced that the gang had been active at least since 2025, using legitimate-appearing corporate structures and an online platform. Victims were misled with false assurances that their initial capital would be doubled.
Operation across ten regions – among those arrested are military personnel
Arrests were made in Pieria, Larissa, Mytilene, Patras, Ioannina, Piraeus, Komotini, Preveza, Athens and Kavala. Among the 17 arrested are military personnel. Two of those charged are believed to have held leadership roles in the organisation, whilst investigations were opened against nine other individuals without arrest.
"Capital doubling in 50 days"
According to the preliminary investigation, members of the scheme had developed a pyramid operating system through which they promised to double invested capital within 50 days. Police authorities report that "to achieve their purpose, members of the organisation systematically made false promises of high and guaranteed returns with minimal or zero risk, whilst the remaining support members engaged in recruiting new investors".
At least 10,000 people recruited – 8 million dollars on the online platform
From investigations conducted so far, authorities estimate that the scheme had recruited at least 10,000 people. The sum flowing in is estimated at approximately 8,000,000 dollars through the platform used by the organisation.
To date, 18 victims have been identified who invested money through the platform. The total financial loss suffered by these individuals amounts to 55,970 euros, according to authorities.
Extensive seizure of digital equipment and cash
During searches of offices, residences and other locations, police officers seized extensive digital equipment and sums of money. Specifically, the following were found and seized:
- 32 mobile phones
- 38 portable data storage units
- 16 data storage discs
- 21 portable computers
- 7 desktop computers
- 15 portable electronic tablets
- one money counting machine
- one closed-circuit camera recorder
- bank cards and mobile phone cards
- cash totalling 295,090 euros
The accused referred to the examining magistrate in Katerini
The 17 arrested individuals were brought before the Public Prosecutor of the Katerini Court of First Instance, who brought criminal charges against them and referred them to be examined before the investigating magistrate.
Source: To Vima