An international operation coordinated by Europol – with the involvement of the Maltese Police – has successfully dismantled fraud and money-laundering networks amounting to more than €700 million. This operation marks the culmination of years of investigations aimed at breaking a criminal ring operating across Europe and beyond.

The criminal network was running multiple fake cryptocurrency investment platforms, attracting thousands of victims through sophisticated advertisements promising high returns. The victims were then repeatedly contacted by phone, with callers pressuring them to make continuous payments while showing them inflated profits on fake trading platforms.

THE ROLE OF THE MALTESE POLICE

The involvement of the Maltese Police, through the Blockchain Analysis Unit (BAU), led to the identification of four cases related to investment fraud in which four Maltese victims lost a combined total of €493,750.

The fraud involved deception through online investment platforms, where victims were misled by fake financial advisors, instructed to use remote-access tools, and asked to provide personal documents. The funds were transferred through traditional banks, credit cards, and cryptocurrency.

ARRESTS IN EUROPEAN COUNTRIES

In connection with this operation, coordinated police raids were carried out last October across Cyprus, Germany, and Spain at the request of French and Belgian authorities. These initial actions led to the arrest of nine individuals suspected of laundering illicit funds generated by fake cryptocurrency platforms.

Alongside the Maltese Police, authorities from Belgium, Bulgaria, Cyprus, France, Germany, Israel, and Spain also participated in this Europol operation.

A link to the Europol press release with more information is also provided: International takedown of cryptocurrency fraud network laundering over EUR 700 million | Europol