Financial Crime World

Title: European Agencies and Bulgarian Authorities Dismantle Online Investment Fraud Network: Arrest of a Suspect for EUR 10 Million Scam

Background

Amid increasing concerns over financial fraud cases in Europe, Europol and Eurojust, in collaboration with Bulgarian authorities, took down a criminal network orchestrating online investment scams. The fraudsters, operating through bogus websites and call centers in Bulgaria, targeted victims in Germany and Greece, defrauding them of at least EUR 10 million.

Operation Details

  • Date: January 26, 2021
  • Victims: Hundreds of investors from Germany and Greece
  • Losses: At least EUR 10 million

The scam was exposed following complaints from German and Greek investors, leading Bulgarian authorities to launch an investigation in 2019. With support from Europol and Eurojust, a Joint Investigation Team (JIT) was established between Bulgaria, Germany, Greece, Serbia, and Europol.

Investigation and Coordinated Actions

Following a series of coordination meetings and intelligence exchanges, two fraudulent call centers were identified and dismantled.

Previous Successes in 2020

A similar instance happened in 2020, where authorities used a coordinated action day to dismantle two other call centers with a similar modus operandi.

Agencies Involved

Law Enforcement Agencies

  • 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.

Judicial Authorities

  • 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.

European Multidisciplinary Platform Against Criminal Threats (EMPACT)

This joint operation was conducted under the European Multidisciplinary Platform Against Criminal Threats (EMPACT), aiming to combat the most significant threats posed by organized and serious international crime affecting the EU. By strengthening intelligence, strategic, and operational cooperation, EMPACT focuses on common EU crime priorities, including fraud, economic, and financial crimes during the 2021-2025 policy cycle.