Financial Crime World

Title: Bulgarian Police and Europol Dismantle Online Investment Fraud Network: A Collaborative Effort to Recover EUR 10 Million from German and Greek Investors

Overview

In a joint operation with Europol, Bulgarian law enforcement authorities dismantled a criminal network behind an online investment fraud scheme, resulting in a minimum loss of EUR 10 million for victims in Germany and Greece.

Takedown of Criminal Network

  • Action Day: Bulgarian National Police arrested one suspect on 26 January and searched and interrogated witnesses at 24 locations in Sofia and Burgas.
  • Expert Support: Europol provided two experts to facilitate information exchange, real-time operational analysis, and technical expertise. Eurojust coordinated the operation and offered cross-border judicial support.
  • Participating Authorities: Approximately 100 officers and prosecutors from Bulgaria, Germany, Greece, and Serbia participated in the operation.

Victims and Fraudulent Call Centers

  • Victims: Potential investors were misled by two fraudulent call centers posing as legitimate investment consultants.
  • Modus Operandi: Operators enticed targets with promises of significant profits, ultimately scamming several hundred victims.

Investigation and Coordination

  • Investigation: The Bulgarian authorities began investigating the case in 2019, and a JIT was established with participation from Bulgaria, Germany, Greece, Serbia, and Europol.
  • Coordination Meetings: JIT members identified the two fraudulent call centers using Europol and Eurojust’s assistance.
  • Similar Cases: A similar fraudulent call center scheme was detected in a 2020 case, leading to the dismantling of two more call centers.

Participating Agencies and Judicial 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 Sophia.
  • 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 Thessaloniki.
  • Serbia: Republic Public Prosecution Office and Special Prosecution Office for High-Tech Crime.

The European Multidisciplinary Platform Against Criminal Threats (EMPACT)

  • Operation Goals: This operation was conducted under EMPACT to address pressing international crime threats to the EU.
  • Collaborative Efforts: EMPACT enhances collaboration between national authorities, EU institutions and bodies, and international partners, focusing on EU crime priorities.
  • Crime Priorities: The targeted crime types in this operation include fraud, economic, and financial crimes.
  • Operational Cycles: EMPACT operates in four-year cycles.