Nicosia, Cyprus. Three individuals were arrested in Cyprus in an international investigation into an alleged cryptocurrency investment fraud network accused of defrauding hundreds of victims in Belgium and the Netherlands of tens of millions of euros.
The arrests were confirmed by police on Wednesday after coordinated operations in Cyprus, Belgium and Greece.
International investigation
The investigation was led by the Federal Judicial Police of West Flanders. Authorities arrested five suspects in total, including two Belgian nationals and three Dutch nationals aged between 27 and 45.
They face allegations of fraud, money laundering and participation in a criminal organisation.
Alleged Cyprus call centre
Belgian authorities said the network allegedly operated from Cyprus, where it is believed to have run a call centre targeting victims.
The investigation began in January 2024 following a complaint from a Belgian woman who reported being defrauded through an online investment platform.
Alleged fraud method
Investigators said the suspects allegedly used fake online advertisements featuring well-known personalities from Belgium and the Netherlands to promote fraudulent investment opportunities.
People who provided their contact details were allegedly contacted by individuals posing as investment advisers or account managers.
Authorities said the suspects used remote access software to control victims’ computers and mobile devices, helping them create cryptocurrency accounts before transferring funds to digital wallets controlled by the group.
Victims were allegedly shown false investment returns through fake websites. Requests to withdraw funds were reportedly met with demands for additional payments described as taxes or guarantees.
