Ukrainian Police Arrest Four Over Fake Crypto Investment Scam That Cost German Victims Millions

Ukrainian police have arrested four people suspected of running a network of fraudulent call centres that stole millions of euros from German citizens. According to police, the suspects posed as financial advisers and persuaded people in the European Union, particularly Germany, to invest in cryptocurrencies and stocks through fake online platforms.

Once victims trusted them, the scammers allegedly helped them open cryptocurrency exchange accounts and send money to wallets controlled by the group. In some cases, they also gained access to victims' online banking accounts. Police say the money was then passed through a network of bank accounts and crypto wallets to hide its origin before being shared among group members. Investigators have identified 135 victims in Germany, who lost more than €4.3 million (about US$4.8 million).

Authorities carried out two rounds of raids in August and September, searching more than 50 properties in Kyiv and other cities. They seized computers, phones, cryptocurrency wallets, documents and more than US$90,000 in cash. The arrests include the group's alleged leader. The suspects face up to 12 years in prison, and investigators are still looking for other members and further victims. The case comes as Ukraine introduces specific criminal penalties for running or working in scam call centres, and as the crackdown has reportedly exposed alleged corruption within its own law enforcement agencies.