Financial Crime World

Title: Bulgarian Police Dismantle Multi-Million Euro Online Investment Fraud Network with EU Support

Overview

bulgarian authorities, in collaboration with Europol, Eurojust, and international partners, have successfully dismantled a criminal network involved in online investment fraud and money laundering. This operation took place on 26 January 2021 and resulted in the arrest of one suspect and the search of 24 locations in Bulgaria.

Impact of the Fraud

  • More than EUR 10 million was lost by German and Greek investors to this organized crime group.
  • Hundreds of victims made substantial investments, only to lose all their money.
  • The fraudsters promised significant returns on investments through bogus websites and call centers based in Bulgaria.

Exposure and Investigation

  • Bulgarian investigators started looking into the case in 2019, and Europol and Eurojust established a Joint Investigation Team (JIT) between Bulgaria, Germany, Greece, Serbia, and Europol.
  • The team identified the fraudulent call centers in Bulgaria through coordination meetings and dismantled both call centers on the action day.
  • In 2020, another similar case emerged, leading to the dismantling of two more call centers in a coordinated action day.

Participating Authorities

Bulgaria:

  • Economic Crime Department, General Directorate National Police
  • National State Security Authority and Regional Directorate of the Ministry of Interior - Burgas Germany:
  • Criminal Investigation Department Bayreuth, Federal Criminal Police Office, Wiesbaden Greece:
  • Cybercrime Division of the Hellenic Police Serbia:
  • Criminal Police Directorate, Service for Combating Organized Crime, Department for Cyber Crime Bulgaria: Specialised Prosecution Office of Sofia Germany: Office of the Public Prosecutor General of Bamberg, Bavarian Central Office for Prosecution of Cybercrime Greece: General Prosecutor’s Office of the Supreme Court, Special Investigative Judge for Mutual Legal Assistance in criminal matters at the Court of First Instance of Athens, the competent Investigative Judge of the Court of First Instance of Athens, and the competent Investigative Judge of the Court of First Instance of Thessaloniki Republic Public Prosecution Office and Special Prosecution Office for High-Tech Crime of Serbia

Operation under EMPACT

  • This operation was conducted under the European Multidisciplinary Platform Against Criminal Threats (EMPACT), which focuses on the most significant threats posed by organized and serious international crime affecting the EU.
  • EMPACT strengthens intelligence, strategic and operational cooperation between national authorities, EU institutions and bodies, and international partners.
  • Fraud, economic and financial crimes are among the priorities for the 2021-2025 Policy Cycle.