World · Europe · 2 hrs ago
Ukraine arrests four over crypto scam that took €4.3 million from Germans
Ukrainian police arrested four people suspected of running call centers that stole money through fake crypto investments.
The operation targeted people across the European Union, with 135 victims in Germany losing more than €4.3 million.
The suspects allegedly posed as financial advisers and built victims’ trust by phone and messaging apps.
They then directed victims to fake trading platforms and, in some cases, accessed their online bank accounts.
The group moved stolen funds through bank accounts and crypto wallets to hide where the money came from.
Police searched more than 50 properties in Kyiv and other cities in August and September, seizing devices, documents and cash.
The suspects face up to 12 years in prison if convicted, while investigators continue to look for other members and victims.
The arrests are part of a wider Ukrainian crackdown on scam call centers, including a law passed in September that sets specific penalties for operating or working at them.
Ukrainian law enforcement arrested four suspects accused of running cryptocurrency investment scam call centers that stole more than €4.3 million from German victims.
Investigators identified 135 victims in Germany.
The suspects allegedly posed as financial advisers and used fraudulent online platforms to trick people into investing in cryptocurrency, shares and other financial products.
Police said the group moved stolen funds through bank accounts and cryptocurrency wallets before distributing them among its members.
If convicted, the suspects could face up to 12 years in prison.
- Who
- Four suspects in Ukraine, including the alleged leader, were arrested.
- What
- They are accused of operating scam call centers that stole more than €4.3 million from German victims.
- When
- The arrests followed searches in August and September. Exact arrest dates are not stated.
- Where
- The call centers operated in Ukraine; victims were in Germany.
- Why
- The suspects allegedly used fraudulent investment platforms to steal victims’ money.
This story does not have two clearly opposing sides.
Ukrainian authorities conducted two rounds of searches in several regions, including Kyiv.
Police arrested four suspects, including the alleged leader.
- Suspects arrested
- 4
- Victims identified
- 135 people in Germany
- Reported losses
- More than €4.3 million
- Maximum possible sentence
- Up to 12 years in prison
- Cash seized
- More than $90,000
2 sources
What people are saying
They assisted victims in opening accounts on cryptocurrency exchanges, purchasing digital assets and transferring them to accounts controlled by the criminal organisation. In some cases, the suspects also gained access to victims’ online banking accounts,
The proceeds of crime were subsequently moved through bank accounts, cryptocurrency exchanges and transit wallets, converted and distributed among members of the criminal organisation.