Europol uncovers investment fraud network run from Cyprus and Israel
A four-year investigation into fake online trading platforms has led to raids in the Balkans, over 100 servers seized and seven arrests, with losses put at €4 million.
An investment fraud operation whose victims span more than 50 countries was run out of Cyprus and Israel, according to findings Europol presented on Tuesday. The network behind it supplied fake online trading sites to gangs who then pushed savers into transferring money, with estimated losses of €4 million.
Raids on November 3 covered 17 locations and ended with seven arrests and more than 100 servers confiscated; those detained are due to be handed over to Germany. The case is being led by prosecutors in Ischgl, and earlier phases in 2022 and 2025 produced further arrests and seizures that pointed investigators towards the infrastructure provider.
Call centre operators in Albania, Kosovo and North Macedonia were among the company's clients, Europol said. Victims were first asked for a small sum, saw invented gains appear in their accounts, and were then pressed for more before contact was cut when they tried to withdraw.
What it means for residents
The case is a reminder that a polished trading website says nothing about who is behind it, and that Cyprus has featured in such schemes before. Anyone approached with an investment offer should check the firm's registration before sending anything.
- Withdrawals first. Test a platform with a small deposit and try to take it out again before committing more.
- Pressure is a red flag. Repeated demands to top up, or excuses when you ask for your money, mean you should walk away.
- Report it. Complaints to the police and the financial regulator are what allowed investigators to trace this network.
This text is written from the source article and is not a translation of it.
