Europol: Investment fraud network with victims in over 50 countries operated from Cyprus and Israel

Nicosia, Cyprus. A network of investment fraudsters whose victims were located in more than 50 countries ran its activities from Cyprus and Israel, according to findings Europol presented on Tuesday. Seven suspects were arrested in a coordinated operation on November 3 and are due to be extradited to Germany.

Four-year investigation

Investigators said the case followed four years of work, including earlier interventions in 2022 and 2025. The evidence gathered in those phases eventually led authorities to a company believed to run a model of providing criminal services from both Cyprus and Israel.

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Europol also identified clients of the company who operated illegal call centres in Albania, Kosovo and North Macedonia.

The November 3 operation

On November 3, authorities carried out searches at 17 locations and seized more than 100 servers. The operation was led by the Ischgl public prosecutor’s office in Germany. It targeted a company believed to have supplied deceptive online trading websites to criminal groups.

How the scheme worked

Europol said the company was connected to call centre managers who persuaded victims to put their savings into investments. Total losses are estimated at €4 million.

The scheme reportedly promised quick, high returns from trading in cryptocurrencies, foreign currencies or stocks. So-called brokers showed victims invented profits and kept up constant psychological pressure on them to invest more money in platforms that looked legitimate.

Data harvesting through advertising

Europol said the investigation also showed that collaborative marketing was used to find potential victims. Misleading advertisements directed users to fraudulent investment platforms, and the personal data gathered in this way was later sold to criminal groups running call centres.