Authorities dismantle a cross-border crypto fraud network in Europe

• Cross-border fraud networks used call centers to trick victims.
• The network operated in Germany, Serbia, Cyprus and Bulgaria.
• So far, 15 people connected to the network have been arrested.

Following a raid on Nexo’s offices in Bulgaria, the European Union’s Criminal Justice Cooperation Agency and Europol have arrested 15 people allegedly linked to a cross-border cryptocurrency fraud network. Fourteen people were arrested in Serbia and a 15th in Germany.

However, Bulgarian authorities say the raid on Nexo’s office has nothing to do with the arrest of the crypto-fraud network.

Scammers were reportedly using a Serbian call center to scam international victims, defrauding them of tens of millions of euros until they were caught. The search leading to the arrest of the fraudster began in 2021 and involved Europol and the European Union Criminal Justice Cooperation Agency.

Assets seized in arrest

according to reportduring the arrest, law enforcement seized 150 computers, two luxury apartments, three cars, $1 million worth of cryptocurrency, and 50,000. , Australia, Switzerland, Germany and Canada.

But officials say the arrest is “almost the tip of the iceberg” as they uncovered “massive financial transactions.”

According to an official statement, the group said:

We operated a call center from Serbia and used Bulgarias technical infrastructure to carry out the scheme. Cyprus was reportedly a base for laundering illegal proceedings.