Cryptocurrency fraud ring in northern Greece: 17 arrests, nine military personnel
Police dismantled a ring that defrauded cryptocurrency investors in northern Greece. Seventeen people were arrested, including nine military personnel.
Nine military personnel among 17 arrested for cryptocurrency fraud
The Katerini Security Division dismantled a ring that defrauded cryptocurrency investors through a controlled platform, with 17 arrests so far, according to Newsit.gr.
Among those arrested are nine military personnel, two of whom are non-commissioned officers believed to have held leading roles in the organisation. The case file also includes nine other Greeks, including one additional member of the Armed Forces.
The ring operated by persuading investors to place funds into cryptocurrencies via a platform controlled by the organisation. Initially, investors were given the impression that they were making profits, but their capital was not returned. In total, approximately 10,000 people had deposited money on the platform, whilst the organisation's estimated profits amount to around 8 million dollars.
The organisation's activities are believed to have started at least one year before it was dismantled. To support its activities, offices had been set up in Katerini, Thessaloniki, Larissa, Patras and on an island in the Dodecanese.
Each member who recruited new people into the ring received a monetary bonus from the leadership figures, who are believed to have had full control of the fraud.
During searches of residences and offices of the criminal organisation, approximately 300,000 euros were seized, a large number of electronic devices, data storage devices and documents.
Source: Newsit.gr