Financial Crime World

Title: Bulgarian Police and European Agencies Disrupt Online Investment Fraud Network, Arresting Suspects and Recovering EUR 10 Million

Overview

Bulgarian authorities, in collaboration with Europol and Eurojust, dismantled an intricate online investment fraud network originating from Bulgaria. The network reportedly defrauded victims primarily in Germany and Greece, amassing at least EUR 10 million.

Arrests and Search Warrants

On January 26, 2021, Bulgarian National Police arrested one suspect in Sofia during a coordinated action day. Simultaneously, they conducted searches at 24 locations and interrogated 66 witnesses in Sofia and Burgas.

Collaboration with European Agencies

Europol provided two experts on the ground to facilitate information exchange and offer real-time operational analysis and technical expertise, while Eurojust coordinated the joint action day and offered cross-border judicial support.

Deceptive Investment Schemes

Victims were lured into false investment schemes through seemingly legitimate websites and call centres. The fraudsters, posing as financial consultants, contacted potential investors in German, Greek, English, and Spanish, promising substantial profits. Many victims reportedly lost all their invested deposits.

Investigations and Coordinated Efforts

Bulgarian authorities initiated investigations in 2019, leading to the creation of a Joint Investigation Team (JIT) between Bulgaria, Germany, Greece, and Europol. Following meetings with Europol and Eurojust, the JIT identified and dismantled two fraudulent call centres in Bulgaria.

In a similar case in 2020, another coordinated action day led to the dismantling of two additional call centres in Bulgaria.

Participating Authorities

Law Enforcement Agencies:

  • Bulgaria: Economic Crime Department, General Directorate National Police, National State Security Authority, and the Regional Directorate of the Ministry of Interior in Burgas.
  • Germany: Criminal Investigation Department in Bayreuth, Federal Criminal Police Office, Wiesbaden.
  • Greece: Cybercrime Division of the Hellenic Police.
  • Serbia: Criminal Police Directorate, Service for Combating Organized Crime, and the Department for Cyber Crime.

Judicial Authorities:

  • Bulgaria: Specialised Prosecution Office of Sofia.
  • Germany: Office of the Public Prosecutor General of Bamberg and the Bavarian Central Office for Prosecution of Cybercrime.
  • Greece: The 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.

European Multidisciplinary Platform Against Criminal Threats (EMPACT)

This operation was conducted as part of the European Multidisciplinary Platform Against Criminal Threats (EMPACT). EMPACT is an initiative aimed at tackling significant international threats posed by organised and serious crime in the EU, strengthening cooperation between national authorities, EU institutions and bodies, and international partners.

EMPACT operates in four-year cycles, with fraud, economic and financial crimes being a priority for the 2021-2025 Policy Cycle.