Brussels: Europe and the Arabs
The European Justice Agency, Eurojust, and European police agency Europol, have backed a new coordinated action against a fraudulent online investment platform, which has so far cost at least 33,000 victims an estimated €89 million.
According to a press release issued by the European Police headquarters in The Hague, Netherlands, that at the request of the German authorities, two days of procedures were carried out last March, during which five suspects were arrested. Furthermore, 15 locations in Bulgaria, Romania and Israel were searched, including five illegal call centres. The operation is a follow-up to actions against the same online fraud in 2021. These coordinated actions in 2021 resulted in a wealth of new information and evidence, which enabled operations in March 2023.
Previously, the financial damage from the scam was estimated to be at least €15 million. However, based on the new information, the criminal network behind the fraudulent scheme has caused much more financial damage and created many more victims.
The Hague-based Eurojust supported the measures by setting up a joint investigation team to look into the online fraud scheme in January 2023, and by organizing two coordination meetings dedicated to preparing for the new measures.
Eurojust also assisted the European Police Agency in executing European arrest warrants, European investigation orders and requests for mutual legal assistance.
During the working days, 33 German police officers and investigators took part in field operations in Bulgaria, Romania, Georgia and Israel, with the support of Europol specialists.
To support the investigation, Europol set up a specialized task force, through which it facilitated the exchange of information and provided analytical support. During the last working days, Europol has deployed experts in Israel and - remotely - in the Eurojust Coordination Center.
During the proceedings, a range of high-value assets were seized, including luxury watches, electronic equipment, cash, bitcoins, bank cards, and several document and data carriers.
The criminal network behind the scam attracted investors with professional-looking banners on websites and publicity through social media, using call centers in various European countries. Scammers encourage their victims to make a small initial investment of €200-250, demonstrating high profits through fake graphics and software.
The victims were then approached by so-called personal financial advisors, who were promised higher profits on larger investments. These higher investments were later lost, and the ill-gotten profits paid into the perpetrators' bank accounts. The fraud scheme was allegedly carried out between 2019 and 2021, with suspects of operations in 2021 or their accomplices more recently setting up call centers in Bulgaria and Romania.
Due to the low interest rates during this period, investors are attracted to investing in high-risk financial instruments, such as binary options. They are often vulnerable to fraud and are therefore used in online scams. Such options are, in most cases, fixed amounts of money, acting as collateral for risky financial transactions or theoretical asset pricing.

The operation was carried out on the ground by:
Germany: Göttingen Public Prosecutor's Office; Central Criminal Investigation Department Braunschweig
Bulgaria: Sofia City Prosecutor's Office, General Directorate of the National Police of the Ministry of the Interior
Romania: Directorate for Investigation of Organized Crime and Terrorism; The General Inspectorate of the Romanian Police
Georgia: Office of the Attorney General of Georgia
Israel: National Cybercrime Unit at LAHAV 433