Bulgaria’s Identity Theft Ring Exposed: Financial Losses Reach €10 Million
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A major identity theft ring operating in Bulgaria has been dismantled by law enforcement authorities, resulting in financial losses of at least €10 million for mainly German and Greek investors. The scam involved bogus websites and call centers set up to defraud unsuspecting victims.
The Scheme
According to Europol and Eurojust, the criminal network was active for several years, using sophisticated tactics to convince investors to part with their money. The scheme began with fake financial consultants contacting potential investors via phone or online, promising unusually high returns on investment. Once investors transferred their funds, they were unable to recover their losses.
Operation Details
Bulgarian authorities, supported by Europol and Eurojust, conducted a coordinated action day on January 26, during which:
- One suspect was arrested
- 24 locations were searched
- Investigators seized electronic equipment, financial information, and recordings
- 66 witnesses were interrogated in Sofia and Burgas
The operation involved a joint investigation team comprising authorities from Bulgaria, Germany, Greece, Serbia, and Europol. The team identified two fraudulent call centers in Bulgaria, which were dismantled on the action day.
Previous Incidents
This is not the first time the same modus operandi has been used to defraud investors. In 2020, a similar operation led to the dismantling of two other call centers.
Authorities Involved
The authorities involved in the operation were:
- Law enforcement agencies:
- Bulgarian Economic Crime Department
- German Criminal Investigation Department Bayreuth
- Greek Cybercrime Division
- Serbian Criminal Police Directorate
- Judicial authorities:
- Bulgarian Specialised Prosecution Office of Sofia
- German Office of the Public Prosecutor General of Bamberg
- Greek General Prosecutor’s Office of the Supreme Court
Partnership with EMPACT
The operation was conducted as part of the European Multidisciplinary Platform Against Criminal Threats (EMPACT), which aims to tackle organized and serious international crime affecting the EU.