Dutch police have arrested multiple suspects linked to an international cryptocurrency investment fraud network accused of stealing an estimated € 100 million every month from victims worldwide.
The operation, carried out with Belgian police, Europol, and authorities in several countries, targeted a network that allegedly ran around 202020 call centers staffed by more than 700700700 people posing as financial advisers.
Investigators believe the group has operated since at least 202120212021 and may have defrauded tens of thousands of people.
A 464646-year-old man with Israeli and Polish nationality was identified as the main suspect. He was arrested on May 262626 at an airport in Poland while traveling from Dubai, following a request from Dutch police.
The suspect has since been extradited to the Netherlands, where an examining magistrate ordered 141414 days of pre-trial detention.
Dutch authorities said publicly available information links the man to past prosecutions involving alleged hacks of prominent foreign government bodies.
Police now suspect he held a critical technical and operational position within the investment-fraud organization, helping it conceal its activities and resist earlier law-enforcement efforts.
Police Bust €100M Scam
Authorities made further arrests in July against alleged call-center operators and “account managers” who communicated directly with victims.
On July 777, police arrested two Dutch nationals, aged 454545 and 343434, and a 343434-year-old Belgian national in Cyprus. All three lived on the island.
Belgian police also arrested a 252525-year-old suspect living in Belgium on the same day. On July 101010, authorities detained a 444444-year-old Dutch national in Athens, Greece, who reportedly had no permanent residence.
Belgian police separately arrested five alleged employees connected to the network. Investigators said more arrests remain possible as the cross-border investigation continues.
The criminal operation was reportedly structured like a legitimate multinational business.
One central office allegedly directed approximately 202020 offices across several countries, each divided into teams focused on victims in specific national markets.
Employees of multiple nationalities used aliases and technical tools intended to hide their real identities and physical locations.
Police said the main suspect’s specialist technical knowledge contributed to the network’s ability to remain operational for years.
The scam relied on persistent social engineering, fake investment dashboards, and cryptocurrency payments.
Fraudsters contacted people interested in investing through online channels and telephone calls, presenting themselves as professional financial advisers or account managers.
The first requested payment was generally small. Victims then saw apparent profits almost immediately through highly convincing online investment platforms.
However, police said no real investments were made. The displayed balances and gains were manipulated to build confidence and encourage victims to deposit larger amounts, politie said.
The operators maintained frequent contact with targets, in some cases for months, creating a relationship of trust before escalating demands for additional payments. Funds, often transferred as cryptocurrency, were instead allegedly diverted directly to the criminal group.
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