Armenia Cracks Down on Cryptocurrency Fraud Ring
======================================================
A significant transnational criminal group involved in cryptocurrency investment fraud has been uncovered in Armenia, with a major operation resulting in the arrest of one of its leaders and the opening of a criminal case against 20 individuals.
The Scheme
According to the Ministry of Internal Affairs, the group operated under the guise of employment and software activities, with companies registered in the State Register of Armenia. They used a “call center” equipped with computer equipment to target foreign citizens, promising high returns on investment through fake websites advertised on social networks.
- The scheme involved foreign citizens who were fluent in multiple languages making calls to unsuspecting victims, offering lucrative investments that turned out to be nothing more than a scam.
- The group stole large sums of money from foreign citizens every month for two years, laundering the proceeds through fake businesses.
Investigation and Arrests
An investigation led by the Main Directorate of Criminal Police and international cooperation with European law enforcement agencies revealed that not only Armenian citizens but also individuals from other countries were involved in the criminal scheme.
- On January 16, one of the leaders of the group was arrested as part of a large-scale operation.
- Searches were conducted at various addresses in Yerevan, revealing evidence of the group’s illegal activities.
Stolen Funds and Investigation Ongoing
The investigation has so far resulted in a criminal case being opened against 20 individuals, with many more expected to be charged as the probe continues. The police are working closely with law enforcement agencies in European countries to track down victims and bring those responsible to justice.
- Authorities estimate that the group stole millions of Armenian drams in cryptocurrency from foreign citizens.
- A study of evidence obtained during the searches revealed that the group attempted to legalize the funds through money laundering.
Warning to Citizens
Authorities warn citizens to be cautious of highly profitable investment offers from abroad, especially those received via the internet. “We urge you to ignore such tempting offers, regardless of the country from which they are spread,” a statement from the Ministry of Internal Affairs advises.
- Those who have fallen victim to the scam or have information about the criminal group are encouraged to contact law enforcement authorities immediately.
The Armenian government is working tirelessly to bring those responsible for this fraud to justice and prevent similar scams in the future.