Europol Takes Down Fake Trading Scheme That Targeted Victims in More Than 50 Countries

Authorities arrested seven people allegedly involved in an investment fraud scheme that claimed potential victims in more than 50 countries, Europol said on Tuesday. Searches took place across 17 countries and more than 100 servers were seized. Officials estimate the scheme caused losses of at least $4.5 million.

According to Europol, a company operated from Cyprus and Israel allegedly supplied cybercrime groups with trading websites and call centres, which were linked to locations in Albania, Kosovo and North Macedonia. The scheme promised quick, substantial returns from trading in cryptocurrencies, foreign currencies or stocks. Affiliate marketing was used to place advertisements that led people to fraudulent platforms, and the call centres then bought the data collected through those ads to contact potential victims.

Behind the professional-looking platforms, supposed brokers showed fictitious profits and applied sustained pressure to persuade victims to invest more. When victims tried to withdraw money, operators used delaying tactics to block payments, and eventually contact stopped. Authorities were first alerted in 2022 when a German couple reported they could not withdraw funds from an online trading platform. Two arrests that year led to evidence that supported the further arrests and seizures in 2025. The seven people arrested Tuesday were not identified and face extradition to Germany to face charges, Europol said.