The German authorities launched a large-scale operation to crack down on complex crypto scams, resulting in the arrest of six people in different European countries. Preliminary reports claim that this fraudulent scheme has stolen virtual currency worth more than $36.2 million from individuals across Europe.

Raids in Poland, North Macedonia and Sweden

According to the National News, the investigation by the German police came after locals accused the gang of stealing more than 7 million euros ($8.5 million) in the country through a fake online trading platform, which promoted investment in cryptocurrencies. High yield returns.

In cooperation with Europol, the media stated that the Bulgarian authorities detained five of the six people and that one of the Israeli authorities was detained by Israel. As part of the investigation, Poland, North Macedonia and Sweden also conducted raids.

Europol issued a statement explaining how the millionaire digital asset scam works:

The criminal group runs at least four professional-looking trading platforms, attracting victims through advertising on social media and search engines. When members of the criminals contact the victims through the call center they have established, they impersonate experienced brokers. The suspect is using manipulation software to display investment returns and incentivize victims to invest more.

In addition, the law enforcement agency confirmed that the property, jewelry, luxury vehicles, electronic equipment and 2 million euros (US$2.4 million) in cash that were suspected of being related to the scam planner were confiscated.

There are also reports of victims in Spain

The call centers for fraudulent investment schemes by scammers are located in Bulgaria and North Macedonia and are mainly run by Israeli citizens.

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In addition, the authorities believe that criminals laundered money through shell companies established in EU countries.

But the scope of the victims reached Spain, where it was reported that 300 complaints were people who were allegedly defrauded by the same fraudster.

What do you think of the false encryption-related plans adopted by the German authorities? Let us know in the comments section below.

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