Cryptocurrency pyramid scheme: Three remanded in custody, two of them military officers
Three defendants were remanded in custody following statements from 17 arrested individuals in connection with a pyramid scheme involving cryptocurrency worth 8 million dollars.
Remand in custody of three defendants in 8 million dollar cryptocurrency pyramid fraud
Three defendants were ordered to be remanded in custody following the completion of statements from all 17 arrested individuals in connection with an extensive pyramid fraud scheme involving cryptocurrency, according to reports from Dikastiko.gr. Among the three remanded to prison are two military officers, who are alleged to be the leading members — the "masterminds" — of the criminal organisation. Both denied the charges against them.
The remaining 14 defendants were released on bail with restrictive conditions and financial guarantees, depending on the case. A further person involved had been remanded in custody at an earlier stage of proceedings — an individual to whom the indictment assigns a "leading" role in the organisation's activities.
Marathon questioning sessions
The questioning process began over the previous 24-hour period and was completed with the statements of the last nine defendants. The two military officers, who gave statements today, face charges of participation in a criminal organisation, fraud and money laundering — known as dirty money laundering.
Timeline of the case
The case was uncovered following a months-long investigation by the Subdirectorate for the Prosecution and Investigation of Crimes in Katerini. According to police, the organisation is alleged to have been active since at least 2025, using apparently legitimate corporate structures and an online platform.
Through this platform, members of the organisation promised investors exceptionally high returns: an estimate of capital doubling in just 50 days, with minimal or zero risk. At the same time, they exploited a pyramid model, continuously recruiting new members and investors.
Law enforcement authorities estimate that approximately 8 million dollars had flowed into the platform, whilst the number of individuals alleged to have been recruited stands at at least 10,000.
Operation in ten cities
A large-scale police operation was carried out to arrest those involved in the previous week, with simultaneous raids in Pieria, Larissa, Mytilene, Patras, Ioannina, Piraeus, Komotini, Preveza, Athens and Kavala. The case file also includes nine other individuals. To date, dozens of victims have been identified who appear to have invested money through this particular platform.
Seizures and digital material
During searches of homes, offices and other premises, authorities seized extensive digital and financial material. Specifically, 32 mobile phones, 38 portable data storage units, 16 hard drives, 21 laptops and seven desktop computers were confiscated, as well as 15 tablets. In addition, bank cards, mobile phone cards, a money counting machine, a closed-circuit camera recording device and the sum of 295,090 euros in cash were seized.
Source: Dikastiko.gr