Ukrainian cyber police uncover an international network of fictitious investors

As part of an international operation, Latvian and Ukrainian police officers, with the support of Europol and Eurojust, stopped the activities of a criminal group that defrauded Latvian citizens with cryptocurrency investment offers through fake platforms. The total loss caused is more than 6 million UAH equivalent.

The press service of the National Police of Ukraine reports this.

According to law enforcement officers, the fraudulent scheme has been operating since 2022. The organizers created fake brokerage sites that looked like legal trading services and launched an advertising campaign on social networks. Potential victims interacted with them through a network of call centers located in Ukraine.

The fraudsters promised clients quick enrichment and encouraged them to install software that allowed them to gain remote access to their devices. This enabled them to control their victims’ finances and steal money.

The group members registered as individual entrepreneurs and disguised transfers as payment for IT services to legalize the funds received.

During the special operation, Ukrainian law enforcement officers conducted more than 30 searches in different country regions. Computer equipment, servers, crypto wallets, mobile phones, bank cards, draft accounting, and luxury cars purchased with stolen funds were seized. The court ruled to confiscate the seized property.

Four participants in the criminal activity, including the organizer, were charged under Part 4 of Article 190 of the Criminal Code of Ukraine (fraud). Such persons face a penalty of up to 12 years in prison. The court applied preventive measures – detention in custody and 24-hour house arrest.

The pre-trial investigation is ongoing; law enforcement officers continue to identify other participants in the criminal scheme.