Bulgarian Authorities Dismantle Network of Online Investment Scammers Involved in Money Laundering
Major Crackdown on Online Investment Fraud
In a significant operation, Bulgarian judicial and law enforcement authorities, with the support of Europol and Eurojust, have dismantled a network of scammers operating through bogus websites and call centers. The operation, which took place on January 26, resulted in the arrest of one suspect and the recovery of financial information and recordings.
The Scam
The scam targeted victims primarily in Germany and Greece, defrauding them of at least EUR 10 million. The fraudulent activity was carried out by two call centers that posed as legitimate financial consultants, contacting potential investors with promises of significant profits. Unfortunately, several hundred victims ultimately lost all their money invested in the online scam.
Investigation and Cooperation
Bulgarian authorities launched an investigation into the matter in 2019, and Eurojust set up a joint investigation team between Bulgaria, Germany, Greece, Serbia, and Europol. Following five coordination meetings with Europol and Eurojust, JIT members identified the two fraudulent call centers in Bulgaria, which were subsequently dismantled by the Bulgarian police, supported by Serbian authorities.
EMPACT Program
The operation was carried out as part of the European Multidisciplinary Platform Against Criminal Threats (EMPACT), a program aimed at tackling the most important threats posed by organized and serious international crime affecting the EU. EMPACT strengthens intelligence, strategic, and operational cooperation between national authorities, EU institutions, and bodies, and international partners.
Participating Authorities
The following authorities participated in the operation:
- Bulgarian Economic Crime Department
- General Directorate National Police
- National State Security Authority
- Regional Directorate of the Ministry of Interior - Burgas
- German Criminal Investigation Department Bayreuth
- Federal Criminal Police Office, Wiesbaden
- Greek Cybercrime Division of the Hellenic Police
- Serbian Criminal Police Directorate
- Service for Combating Organized Crime, Department for Cyber Crime
Judicial Authorities
Judicial authorities involved in the operation included:
- Bulgaria’s Specialised Prosecution Office of Sofia
- Germany’s Office of the Public Prosecutor General of Bamberg
- Bavarian Central Office for Prosecution of Cybercrime
- Greece’s General Prosecutor’s Office of the Supreme Court
- Serbia’s Republic Public Prosecution Office and Special Prosecution Office for High-Tech Crime
Conclusion
The success of this operation highlights the importance of international cooperation in combating online investment fraud and money laundering. The case serves as a warning to would-be scammers that law enforcement agencies are working together to disrupt and dismantle their illegal activities.