During the raids, police seized hardware wallets, high-end computers and €50,000 in cash. Those devices may help investigators trace the wider laundering network and identify additional participants.
The Call Centre Model
The group allegedly used fake advertisements on major social platforms featuring well-known public figures from the Benelux region. Those ads generated leads, which were then passed to “investment advisers” and “account managers” operating from Cyprus.
According to investigators, the suspects used remote-access software to take control of victims’ devices. They would guide clients through account setup, gain access to their screens and then move funds into a chain of crypto wallets.
The withdrawal process followed a familiar scam-broker pattern. When victims tried to recover their money, they were asked to pay additional “taxes,” “guarantees” or other fees before funds could supposedly be released.
Cyprus Remains a Sensitive Hub
The operation also fits a broader enforcement trend. Europol and national authorities have increasingly shifted from taking down fraudulent websites to dismantling the organisations behind them.
In 2025, investigations uncovered a crypto fraud and money-laundering network that allegedly processed more than €700 million and led to nine arrests, while another joint operation removed more than 1,400 fraudulent investment websites linked to fake broker networks.
The latest investigation follows the same pattern. Rather than focusing on websites or crypto wallets, investigators targeted the operational infrastructure, including call centres, account managers and the people coordinating investor contact.
financemagnates.com
