Police Seize More Than 100 Servers in Takedown of Cross-Border Investment Scam Network

Police have seized 100 servers and shut down several scam websites in a major action against an investment fraud operation. Led by the German Itzehoe Public Prosecutor's Office, the action day on November 3 targeted the company believed to have hosted the fraudulent sites. Seven suspects were arrested and will be extradited to Germany, and authorities searched 17 locations and seized other evidence and assets. Investigators estimate losses at more than €4m ($4.5m), with potential victims in as many as 50 countries.

According to Europol, victims were drawn in by deceptive ads promising huge gains with no downside. After they registered their interest, their personal data was passed to criminal groups running scam call centres. Scammers posing as brokers used social engineering to convince victims to invest, and online accounts showed illusory gains to encourage them to deposit more. When victims tried to withdraw funds, the brokers stalled, then cut contact.

The case began in 2022, when a German couple reported that they could not withdraw money from an investment scheme. An action day on September 6, 2022 led to searches in Belgium and Latvia and two arrests, and the evidence helped police identify seven other network members, including call centre managers. This week's operation involved Albania, Cyprus, Finland, Germany, Israel, Kosovo and North Macedonia, with call centres identified in Albania, Kosovo and North Macedonia.