Several suspects accused of being as members of an international criminal gang accused of deceived citizens through fake cryptocurrency investment schemes were arrested on Crete and other parts of the country this week. According to police, the suspects had been operating systematically since 2019, extracting millions of euros from unsuspecting victims.

The gang operated through seemingly legitimate companies and online platforms, misleading investors with false promises of safe and high returns. Its activity extended beyond Greece, with connections and financial transactions with foreign countries.

A case file also refers to another six individuals, two of whom are also considered members of the group.

Charges include participation in a criminal organization, aggravated fraud, money laundering from criminal activities, illegal provision of crypto-asset services, concealment of assets and violations of weapons legislation.

Pyramid scheme, fake investments

The case was uncovered after intelligence gathering and a months-long investigation. Authorities said the crime gang operated using a Ponzi-type pyramid scheme, using funds from new “investors” to pay fictitious profits to earlier contributors.