A group of fraudsters actively involved in defrauding people by launching Ponzi crypto schemes was exposed by the National Police of Ukraine (NPU).
NPU revealed that the network was operating through multiple offices, established several customer service centers, and employed thousands of people mainly from the EU member states.
International Criminal Organization Busted In Ukraine
The National Police of Ukraine (NPU) has a special wing that is actively fighting against catching cybercriminals and preventing cybercrimes.
A press release issued by NPU recently revealed that the cybercrime wing of NPU has identified at least 5 members of a wanted network.
Fraud Committed Through Crypto Ponzi Schemes
According to NPU, these individuals are Ukrainians who were found committing cross-border fraud by launching fake, fraudulent, and Ponzi crypto schemes.
NPU informed that the five individuals were defrauding the general public by enticing them into crypto investments and promising huge profits.
NPU sources further revealed that the network was running multiple offices, the majority of which were located in Europe and in other parts of the world.
Within these officers, there were thousands of employees, both men, and women, hired from several EU member states, claimed NPU. Furthermore, the network was also operating several call centers in the European region 24/7.
Approximately Euro 200 Million Annual Loss
According to police, the network was causing a loss of more than Euro 200 Million for the general public every year.
Initially, the inquiry against the network was authorized by Ukraine’s Prosecutor General Office and the operation was headed by NPU.
Regional Cooperation
For conducting operations, even the Europol along with Eurojust and European Union Agency for Law Enforcement Cooperation was also taken on board.
Several EU member states such as Latvia, Albania, Finland, Germany, Spain, and Georgia also took part in the investigation and operation.
As per the NPU’s report, the network step foot in Ukraine two years ago in 2020.
NPU further revealed that the network was wanted in several EU member states. Various cases have been registered against the network and trials are pending before a number of regional courts told NPU.
24/7 Customer Support Offices
During the operation, the police noted that more than two thousand employees were providing customer care services on behalf of the criminal organization.
These customer care representatives were entrusted with the task to entice more investors and make them believe their investments will bring huge profits.
Consequently, hundreds of thousands of investors across the world were defrauded by this criminal organization single-handedly.
Fraud Tactics
Europol’s representative told the media that the criminal organization was victimizing people by luring them into investing in their fraudulent schemes.
Victims were asked to make the initial deposit for setting up their trading accounts with the scheme.
When the customers tried to withdraw profits or funds, requests were either denied or the customers were not responded to.
Three of the arrested individuals are Ukrainians and when the trial would take place, they may be sentenced to 8 years imprisonment plus a fine.
James Thompson 
Michael Rafael