Limassol, Cyprus. Seven individuals arrested in Cyprus in connection with an alleged €700 million international investment fraud have been extradited to Belgium and France after legal proceedings were completed, authorities said on Tuesday.
Coordinated operation
The suspects were arrested in Limassol on October 27, 2025, during a coordinated operation involving authorities in Cyprus, France and Belgium.
Fraud allegations
The case centres on allegations that the group used online investment scams to defraud internet users. Investigators said victims were persuaded to install software that allowed remote access to their computers.
Alleged money transfers
According to investigators, the suspects created fake investment accounts showing false profits in order to encourage further deposits. Authorities said the funds were then transferred to accounts controlled by the group before being laundered through blockchain networks.
Court rulings
During court proceedings, the suspects challenged the European arrest warrants on various legal grounds. The courts dismissed their arguments, allowing the extraditions to proceed.
