Crime
Seven arrests after a fraud network run from Cyprus and Israel
Eurojust says a company in Cyprus and Israel supplied fake trading platforms to criminal groups. Police in Cyprus took part in the raids.
Seven suspects were arrested on Tuesday after a four-year investigation into an investment fraud network with a company based in Cyprus and Israel, according to Eurojust. Authorities searched 17 locations and seized more than 100 servers. The suspects are to be surrendered or extradited to Germany, where the investigation was led.
Eurojust said the network used online trading platforms that looked legitimate. Victims were invited to invest small amounts in cryptocurrencies, foreign currencies or stocks. The platform then showed invented profits, and the people running it pushed the victims to send more money. When someone asked to withdraw, the operators stalled, then disappeared.
The estimated losses are over €4 million. Cyprus Mail, reporting the Eurojust findings, said victims were spread across more than 50 countries.
The Cyprus link
Eurojust said the investigation identified a company based in Cyprus and Israel that allegedly offered what it described as crime-as-a-service: fraudulent websites supplied to criminal groups. The agency also identified suspected clients in Albania, Kosovo and North Macedonia who are believed to have run call centres.
Cyprus Police took part in the operation alongside authorities from Germany, Finland, Albania, Israel, Kosovo and North Macedonia. Eurojust and Europol coordinated the judicial and police work.
No suspects have been named publicly. They are presumed innocent until a court decides otherwise.
What it means for you
The case is a reminder that a polished trading website is not evidence that a firm is regulated. Before sending money to an investment platform, check whether the firm appears on the CySEC register of investment firms. A promise of quick, large profits and pressure to add more money after a small first deposit are warning signs, not proof of a real product.
If you think you have been targeted, report it to Cyprus Police. The Eurojust statement does not include a victim hotline, and Kypri has not been able to confirm one.