Nine people suspected of money laundering were arrested during a multinational synchronized operation, the European Union Agency for Criminal Justice Cooperation announced on Tuesday.

 

 

Relevant establishments in France, Belgium, Cyprus, Spain, and Germany collaborated on the takedown of the network, which scammed victims out of over €600 million.

 

The members of the criminal ring had cr​eated dozens of fake cryptocurrency investment platforms that looked like legitimate websites and promised high returns.

 

 

According to Eurojust, the syndicate recruited victims through cold calling, social media adverts, fake news articles, and fake testimonials from celebrities or successful investors.

 

Convinced traders made cryptocurrency transactions to the platforms but were never able to recover their money, as the crypto assets were laundered using blockchain technology.

 

 

Following several complaints from the victims, the European authorities set up a joint investigation team comprising partners in France and Belgium.

 

As the probe progressed, Eurojust involved prosecutors and investigative judges from France, Belgium, Cyprus, Spain, and Germany, leading to the arrest of the suspects in late October.

 

They were picked from their homes in Cyprus, Spain, and Germany. The searches resulted in the seizure of €800,000 in bank accounts, €415,000 in cryptocurrencies, and €300,000 cash.