Greece Arrests 17 Over Alleged $8 Million Crypto Fraud
Greek authorities have arrested 17 people over an alleged cryptocurrency investment scheme that investigators estimate attracted at least 10,000 participants and generated about $8 million. The arrests followed a months-long investigation led by police in Katerini, northern Greece.
Authorities allege that the group operated a pyramid-style investment network through an online platform and seemingly legitimate business structures. The suspects allegedly promised investors that their money would double within 50 days, with little or no risk.
How the alleged crypto scheme worked
Investigators say the operation relied heavily on recruiting new investors. Participants who brought in additional members allegedly received bonuses, creating incentives to expand the network.
The scheme reportedly presented cryptocurrency trading as the source of its returns. However, investigators allege that the organization lacked the authorization required for the investment activity.
According to police findings reported by local authorities, withdrawals were eventually blocked. The development left investors unable to recover their initial funds and prompted increased scrutiny of the platform.
The investigation identified 18 alleged victims who had invested a combined €55,970. Authorities stressed that this figure represents victims identified during the preliminary investigation and does not establish the total number of affected investors.
Police seize cash and electronic equipment
Police conducted coordinated searches across several Greek regions. Officers searched offices, homes and other premises connected to the investigation.
Authorities seized about €295,000 in cash along with numerous electronic devices and storage media. The evidence included mobile phones, laptops, desktop computers, tablets, USB drives, hard disks, bank cards and SIM cards.
The arrests include two people whom investigators suspect held leadership roles. Nine additional people have also been named in the case file but were not among those arrested.
The suspects were brought before prosecutors in Katerini and referred to investigating authorities. The case remains ongoing, and the allegations have not been established in court.
The investigation highlights the risks surrounding investment platforms that promise unusually high or guaranteed cryptocurrency returns. Such claims can attract large numbers of participants before investors discover that withdrawing their funds may be difficult or impossible.
