Dutch authorities have arrested multiple individuals linked to an international investment fraud scheme that operated 20 call centers with more than 700 people posing as financial advisers, police announced Wednesday.
The criminal organization is believed to have generated over €100 million ($114 million) per month at its peak, defrauding tens of thousands of victims worldwide. The scheme had been operating since at least 2021.
The primary suspect, a 46-year-old Israeli-Polish national, was arrested in Poland on May 26 and later extradited to the Netherlands. According to the Dutch Politie, publicly available information shows the suspect was previously prosecuted for hacking several prominent foreign government organizations and is described as a well-known hacker. He is now suspected of holding an indispensable leadership position within the investment fraud organization.
Between July 7 and 10, additional Dutch and Belgian nationals were arrested in Cyprus, Greece, and Belgium on suspicion of involvement in the fraudulent scheme. Authorities have indicated further arrests are possible.
The fraudsters employed a calculated modus operandi: building trust with victims over extended periods before introducing them to realistic-looking investment platforms that displayed fictitious profits. Call center workers would then persuade victims to increase their “investments,” typically through cryptocurrency transfers. In reality, all funds were stolen, and victims were presented with fake dashboards showing fabricated gains.
Dutch authorities have linked at least 550 fraud reports and $28.6 million in documented losses to this organization. Police estimate most victims lost more than €10,000 ($11,400), with the total victim count potentially reaching tens of thousands worldwide.
Investigators were eventually able to trace IP addresses, financial routes, and other digital traces, leading to critical technical equipment that provided insights into the organization’s operations and the perpetrators’ locations. The main suspect’s technical expertise in setting up the infrastructure had helped the organization evade law enforcement for an extended period.
This article was originally reported by Bleeping Computer. Rewritten and published by The Coolest Info.
