Financial Crime World

Polish Financial Sector Rocked by Fraudulent Activities: 152 Victims Lose Millions

Major Crackdown on Financial Fraud Results in Detention of Four Individuals

A significant operation has been carried out by officers from the Central Anticorruption Bureau (CBA) and the District Prosecutor’s Office in Warsaw, resulting in the detention of four individuals for their involvement in a scheme that defrauded at least 152 people out of over PLN 16 million. The detained individuals include top executives from the Great Private Equity group.

Suspects Detained

The suspects include:

  • President and Vice-President of Great Private Equity
  • Two regional directors from Poznań and Kraków

Alleged Fraudulent Activities

The alleged fraudulent activities took place in Warsaw, Siemianowice Śląskie, and Kraków. The scheme involved issuing bonds and making investments on the FOREX market through companies linked to Great Private Equity. The companies promised high returns of up to 8-10 percent, with guaranteed profits for investors who reinvested their savings.

Victims’ Stories

Victims range from individual investors who lost between PLN 1 thousand to over PLN 3.5 million. According to evidence gathered by investigators, company representatives abruptly stopped communicating with investors after a certain period, leaving them to lose their entire investment.

Charges Pressed and Custody Arrangements

Charges of fraud have been pressed against the suspects. Two individuals are currently being held in custody pending trial, while the remaining suspects have been released under non-custodial preventive measures, including:

  • Police supervision
  • Bail
  • A ban on leaving the country

Investigation Ongoing and Advice to Investors

The Central Anticorruption Bureau is urging anyone who invested with companies linked to Great Private Equity to contact their regional office in Warsaw for assistance. Additionally, investors are advised to verify whether an institution is listed on the warning list of the Polish Financial Supervision Authority (KNF) before making any investments.

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