Ukraine’s Cyberpolice Uncovers Crypto Scam Members Earning €200 Million Per Year

Five Ukrainian residents have been identified by the National Police of Ukraine’s (NPU) cybercrime fighting division as participants in a massive worldwide fraud operation that attracted victims with claims of huge returns on fraudulent investments in cryptocurrencies and stocks. According to a press release, Ukrainian police officials disclosed that the gang responsible for the criminal undertaking had set up call centers and representative offices throughout Europe. 

The expected yearly losses from its operations approached €200 million ($207 million). Together with the NPU’s Main Investigative Department, the Ukrainian Prosecutor General’s Office, and with assistance from Europol, the European Union Agency for Law Enforcement Cooperation, and Eurojust, the EU’s organization for judicial cooperation, the operation was carried out. The investigation into the group, initiated in Ukraine in 2020, also benefited from the assistance of law enforcement officials from Albania, Finland, Georgia, Germany, Latvia, and Spain. 

The Cyberpolice disclosed that judicial cases had been opened in seven different nations about the situation. More than 2,000 people worked for the criminal organization’s customer service centers throughout many European nations. Their primary objective was to persuade investors that trading equities, bonds, options, and investing in cryptocurrencies would result in significant gains. 

Europol said the transnational group’s illegal operations had impacted hundreds of thousands of individuals worldwide. The plan replicated asset development on its platforms, but investors could never withdraw their profits. The five Ukrainians were in charge of three call centers, two of which were in the western Ukrainian city of Ivano-Frankivsk and the capital Kyiv. According to Ukrainian legislation, the organizers may spend up to eight years in jail if found guilty. The network’s existence was initially made public in August.

Police have searched the residences of the suspects from Ukraine as well as the residences of the group’s other members in other nations. The Cyberpolice agency claimed that more than 500 computers and mobile phones were confiscated during the searches.

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