Bulgaria Cracks Down on Money Transfer Frauds, Nets €10 Million in Scam Funds

Major Crackdown on Scammers who Duped Investors out of at Least €10 Million

In a significant operation, Bulgarian authorities have dismantled a network of scammers who defrauded investors through fake websites and call centers. The operation, supported by Europol and Eurojust, resulted in the arrest of one suspect and the seizure of electronic equipment, financial information, and recordings.

Scam Targeted Mainly German and Greek Investors

The scam targeted mainly German and Greek investors, who were lured by promises of significant profits. Several hundred victims made substantial investments, only to lose everything. The fraudulent activity was conducted through two call centers in Bulgaria, where operators posing as financial consultants contacted potential investors with fake investment opportunities.

Joint Investigation Team (JIT) Uncovered the Fraud

Bulgarian authorities launched an investigation into the scam in 2019 and set up a joint investigation team (JIT) with Germany, Greece, Serbia, and Europol. Following several coordination meetings, the JIT identified the two fraudulent call centers, which were then dismantled by Bulgarian police, supported by Serbian authorities.

Not the First Time Bulgaria has Cracked Down on Similar Scams

This is not the first time that Bulgaria has cracked down on similar scams. In 2020, a coordinated action day led to the dismantling of two other call centers using the same modus operandi.

International Cooperation Key to Success

The operation involved law enforcement and judicial authorities from Bulgaria, Germany, Greece, Serbia, and Europol. The Bulgarian Economic Crime Department, German Federal Criminal Police Office, Greek Cybercrime Division, Serbian Criminal Police Directorate, and others participated in the investigation.

Linked to Larger Trend of Money Transfer Fraud Schemes

The scam is believed to be linked to a larger trend of money transfer fraud schemes in Europe, which have been a major concern for law enforcement agencies. Europol’s European Multidisciplinary Platform Against Criminal Threats (EMPACT) has been working to combat these types of crimes, which have significant financial and social impacts on victims.

Success Serves as Warning to Other Fraudsters

The Bulgarian authorities’ success in dismantling this scam serves as a warning to other fraudsters that they will be caught and brought to justice. It also highlights the importance of international cooperation in combating organized crime.