In Ukraine, prosecutors uncover a group of criminals who allegedly siphoned up to €10 million a month from Europeans

Ukrainian law enforcement authorities, in cooperation with Europol and the prosecutor’s office of the German city of Bamberg, identified an international fraud scheme conducted under the guise of attracting investments, including alleged proceeds from the sale of cryptocurrencies. This was reported on the website of the Office of the Prosecutor General of Ukraine.

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According to the authorities, the scheme was organized by Ukrainian citizens and nationals of other countries. It operated from 2017 to 2020.

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The criminals siphoned off money from individuals under the pretense of attracting investments through specially created websites.

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«They allegedly enabled profits through buy-sell operations of various assets: precious metals, foreign currencies, cryptocurrencies, securities», the Office of the Prosecutor General said.

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They forged contracts and reflected fictitious growth in profits on invested funds. If investors wished to withdraw profits, they were approached by individuals posing as employees of trading platforms, who extorted maintenance fees and cash-out commissions.

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After payment, the criminals blocked the victims’ accounts and appropriated their funds.

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Most of the victims were residents of Germany, Austria, Switzerland, and the United Kingdom.

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The monthly turnover from the fraud scheme was preliminarily €8-10 million. In searches, law enforcement authorities seized about $1 million, documents and computer equipment, and also seized cars and real estate valued at around €50 million.

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According to investigators, Ukrainian citizens directed the operation of the sites, withdrew funds and laundered them within the country.

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Ukrainian law enforcement authorities have opened a criminal case for fraud and money laundering.

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Earlier in Ukraine, a group of criminals, posing as workers of banking institutions stole money from citizens’ accounts.

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