Greek police have arrested 17 people in connection with an alleged cryptocurrency fraud scheme that authorities say collected over $8 million from at least 10,000 individuals. The investigati
Greek police have arrested 17 people in connection with an alleged cryptocurrency fraud scheme that authorities say collected over $8 million from at least 10,000 individuals. The investigation, led by the Hellenic Police, took place in the city of Katerini and resulted in a series of raids on October 2. Police stated that the operation used a complex company structure and an online investment platform to recruit participants, presenting the scheme as a legitimate, low-risk cryptocurrency investment opportunity.
The network is alleged to have operated since 2025, promising large and rapid returns to investors. Suspects reportedly guaranteed that deposits could be doubled within 50 days, enticing participants with offers of high yields and minimal risk. Police reported that the platform was not licensed to provide investment services in Greece.
ERT, the Greek public broadcaster, stated that nine of those arrested were active members of the military. Two noncommissioned officers are accused of leading the operation, with the remaining suspects, including another military member, allegedly recruited to expand the network.
Bonus incentives were reportedly given to individuals who brought in new investors, according to findings reviewed by the prosecutors in Katerini. The organization’s activities were believed to be based in offices across Katerini, Thessaloniki, Larissa, Patras, and one of the Dodecanese islands.
Mini dictionary: ERT (Hellenic Broadcasting Corporation) is Greece’s national broadcaster, providing television, radio, and online news coverage.
Participants reported being promised that their money would double in less than two months with no risk involved, as laid out in the investment platform’s widely circulated marketing materials.
Police carried out searches at five offices and nine private residences linked to the suspects. During these operations, authorities confiscated a total of €295,090 in cash, 32 mobile phones, 28 computers, 15 tablets, 38 USB drives, 16 hard disks, assorted bank cards, and a counting machine. All items are currently under investigation to identify money flows and reconstruct communications between the scheme’s operators.
Authorities have so far identified 18 individuals who lost more than €55,970 combined to the alleged fraud. However, police estimate the platform attracted over 10,000 people, with the total amount lost surpassing $8 million. Investigators are still working to determine the exact number of overall victims.
Asset Amount Seized Cash €295,090 Computers 28 Mobile phones 32 Tablets 15 USB Devices 38 Hard disks 16Investigators continue to analyze the seized electronics to track transactions and uncover the web of communications involved in the cryptocurrency scam.
This is not the first time Greek authorities have intervened in cryptocurrency-related criminal activity. In July 2025, law enforcement in Greece executed its initial seizure of cryptocurrency assets linked to international cybercrime. The operation, coordinated by the Anti-Money Laundering Authority, involved assets tied to the $1.5 billion Bybit hack. Chainalysis, a blockchain analytics firm, indicated that Greek authorities used Reactor software to trace the stolen funds, which led to an emergency freeze and a subsequent referral to prosecutors.
Mini dictionary: Chainalysis Reactor is investigation software that enables agencies to track cryptocurrency transactions and identify illicit financial activity across blockchain networks.
The ongoing investigation into the Katerini crypto scam involves examining digital evidence, company records, and additional suspects possibly connected to the organization.
Fake cryptocurrency investment platforms have drawn the attention of global law enforcement agencies. INTERPOL’s Operation Jackal IV, which ran from November 2025 to June 2026, targeted crypto fraud, romance scams, and business email compromise schemes in 22 countries. South African police arrested 39 suspects, seized $2.67 million, and froze 257 bank accounts during the operation. In Romania, authorities raided a call center related to investment scams that defrauded victims of approximately €143 million worldwide.
INTERPOL’s Operation First Light, conducted globally, led to 5,811 arrests across 97 countries and territories, highlighting the growing scale and transnational nature of these crimes.
The FBI has issued warnings regarding deceptive trading platforms that lure victims with small, permitted withdrawals before blocking large attempts and demanding extra fees or taxes. US authorities have advised crypto investors to stop transferring funds immediately upon suspicion of fraud, and to be wary of any service seeking advance payments for supposed recovery of lost assets.
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