European law enforcement authorities have arrested seven suspects and seized more than 100 servers in an international operation targeting a company allegedly providing fraudulent trading websites to criminal organizations. Supported by Europol and Eurojust, the operation involved authorities from Albania, Cyprus, Finland, Germany, Kosovo and North Macedonia after a four-year investigation into investment scams affecting potential victims in at least 50 countries.
Investigation traced scam infrastructure to Cyprus and Israel
The investigation began in 2022 after a German couple reported that they could not withdraw money invested through an online trading platform. Investigators subsequently linked multiple call center operators involved in the investment scam to victims in countries around the world.
Authorities conducted initial interventions in 2022 and 2025. Evidence collected during those investigations allegedly showed that the company operated a “crime-as-a-service” model from Cyprus and Israel, while its customers included suspected operators of fraudulent call centers in Albania, Kosovo* and North Macedonia.
“This action follows a four-year investigation and initial interventions in 2022 and 2025. Evidence collected during these investigations revealed that the company was suspected of operating a ‘crime-as-a-service’ model from Cyprus and Israel. Investigators also identified customers suspected of operating fraudulent call centers in Albania, Kosovo*, and North Macedonia,” Europol said.
Fraudulent platforms displayed fake profits
The operation allegedly promised victims fast, substantial returns from trading foreign currencies, stocks and cryptocurrencies. Criminals used deceptive advertisements to direct potential victims to fraudulent investment platforms and collect their personal information.
The stolen data was then sold to criminal groups operating call centers. Call center employees contacted victims and presented investment opportunities, initially encouraging them to send small amounts of money.
Victims were shown fake online accounts displaying fictitious profits, making the platforms appear legitimate. The apparent gains were used to build trust and apply psychological pressure to persuade victims to transfer more money. When victims attempted to withdraw their funds, the scammers allegedly delayed the requests before eventually cutting off contact, leaving them unable to recover their money.
Europol support identified additional suspects
“During the first International Day of Action of the year, two people were arrested and evidence was seized. Analysis supported by Europol helped investigators develop the case and identified seven additional suspects, including a suspected call center manager,” Europol added.
The operation is the latest in a series of actions against European criminal organizations involved in online investment fraud, including scams known as “pig butchering” or romance scams.
Recent European investment scam crackdowns
In March 2022, authorities shut down a large call center investment fraud network that used 200 “traders” and allegedly stole at least €3 million per month.
Police also dismantled several call centers across Europe in 2023. Those operations resulted in millions of euros in losses and targeted criminal groups behind online investment scams. In May 2024, Europol shut down 12 fraudulent call centers linked to thousands of scam calls each day.
In July 2025, Spanish police dismantled a large cryptocurrency investment fraud ring that allegedly laundered more than €460 million ($540 million) stolen from over 5,000 victims worldwide. The action came one week after authorities dismantled another large-scale investment fraud operation with cumulative losses exceeding €10 million ($11.8 million).
Most recently, in April, authorities in Austria and Albania dismantled a criminal organization accused of carrying out a large-scale cryptocurrency investment scam. Estimated losses exceeded €50 million ($58.5 million).
Source: www.bleepingcomputer.com