Investigators in Katerini spearheaded the operation, raiding offices and homes across Thessaloniki, Larissa, Patras, and the Dodecanese islands. The syndicate functioned through a rigid hierarchy, rewarding members with bonuses for recruiting new victims into a platform that never actually generated the promised profits. Police seized over €295,000 in cash, alongside a vast cache of digital evidence including 32 mobile phones, 28 computers, and 15 tablets, indicating a highly organized logistical structure.
In section Cryptocurrency
Greek police dismantle $8M crypto pyramid scheme
Seventeen suspects, including nine military personnel, face charges after authorities uncovered a sophisticated pyramid scheme that allegedly defrauded at least 10,000 participants. Operating under the guise of legitimate cryptocurrency investment, the network promised to double investor capital in just 50 days without any regulatory authorization.
While officials have identified 18 specific victims who lost a combined €55,970, the total scale of the fraud is estimated to exceed $8 million. The investigation revealed that two noncommissioned officers held leadership roles within the network, leveraging their positions to facilitate the illicit activity. The arrested suspects have already appeared before a Katerini prosecutor and were referred to an investigating judge as authorities continue to process the digital trail left by the operation.
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