Fraud Ring Busted in Cross-Border Operation
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Six Suspects Arrested for Defrauding Over 40 Victims of €6 Million
The Hague, March 4, 2020 - Dutch authorities have arrested six individuals accused of defrauding over 40 victims out of a staggering €6 million. The fraudsters targeted mainly Dutch investors with promises of significant profits, using high-pressure sales tactics and subsequent losses to reel them in.
The Fraud Scheme
- The suspects set up elaborate “boiler rooms”, fake investment companies with sleek online presences, to convince victims to invest in worthless shares.
- They promised significant profits to lure victims into investing, only to disappear with their money.
Coordinated Effort with Spanish Authorities
In a coordinated effort with Spanish authorities, three arrests took place in the Netherlands and three in Spain, supported by judicial backing from Eurojust. The operation involved:
- Eight locations searched
- Multiple bank accounts frozen
Investigation and Coordination Centre
To facilitate the investigation, Eurojust established a coordination centre to ensure swift information exchange and evidence sharing. A preparatory meeting was held in The Hague last September, bringing together Dutch and Spanish authorities to plan the operation.
Participating Agencies
The successful action was carried out by:
- Netherlands’ Public Prosecutors Office (PPO) Oost-Nederland
- Politie Oost-Nederland
- Spain’s Central Investigating Court
- Public Prosecutor at the National Court
- Policia Nacional’s UDEF unit