Three suspects have been arrested in Cyprus over an alleged cryptocurrency investment fraud network targeting investors in Belgium and the Netherlands, according to the Cyprus Mail. The operation was coordinated with the support of Europol.
Authorities say the group was operating a professional call center-style business Fake celebrities Endorsement, social engineering and remote access programs to steal tens of millions of euros from retail investors.
The investigation included police in Cyprus, Belgium and Greece. Losses are said to amount to tens of millions of euros.
During the raids, police confiscated hardware wallets, high-end computers and €50,000 in cash. These devices may help investigators track the broader money laundering network and identify additional participants.
Call center model
The group allegedly used fake ads on major social media platforms featuring well-known public figures from the Benelux region. These advertisements generated leads, which were then passed on to “investment advisors” and “account managers” operating from Cyprus.
According to investigators, the suspects used remote access software to take control of the victims’ devices. They will walk customers through the account setup process, access their screens and then transfer funds to a series of cryptocurrency wallets.
A familiar withdrawal process followed Fraud broker pattern. When victims attempted to recover their money, they were required to pay additional “taxes,” “guarantees,” or other fees before the supposed funds could be released.
Cyprus remains a sensitive hub
The operation also fits into a broader enforcement trend. Europol National authorities have increasingly shifted from removing fraudulent websites to dismantling the organizations behind them.
In 2025 investigations Cryptocurrency fraud and money laundering network exposed Which allegedly processed more than €700 million and led to nine arrests, while another joint operation took down more than 1,400 fraudulent investment websites linked to fake broker networks.
The latest investigation follows the same pattern. Instead of focusing on websites or cryptocurrency wallets, investigators targeted operational infrastructure, including call centers, account managers, and people who coordinate investor contact.
This article was written by Tanya Chipkova at www.financemagnates.com.
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