Police Shut Down Fake Trading Platform That Scammed Hundreds

Police in Europe have shut down a fake online trading platform that scammed hundreds of victims out of €3 million in a coordinated global operation involving five countries.

A fake online trading platform that defrauded victims of more than €3 million (around $3,000,000 has been shut down following a coordinated international operation involving five countries.

Authorities from Germany, Cyprus, Albania, the UK, and Israel worked together, supported by Europol and Eurojust, to dismantle the criminal network and arrest a key suspect in Cyprus. They also managed to seize “crucial evidence.”

The scam, which targeted more than 100 known victims and likely many more, lured people in with the promise of quick, high returns through online investments. Victims were first convinced to transfer small amounts of money, reassured by fake charts showing fictional profits.

As trust grew, so did the pressure. Fake brokers used psychological tactics to push victims into making larger transfers. None of the money was ever invested, it went straight to the cybercrime group.

****Two-Year Investigation Traces Global Fraud****

According to Europol’s press release, the investigation began in Germany after a married couple reported that their savings had been stolen. Investigators traced the account where the funds were sent and quickly identified a broader criminal structure. That first lead sparked a deep international inquiry.

On 6 September 2022, during the first coordinated operation, authorities raided locations in Belgium and Latvia, arrested two individuals, and collected critical evidence. That evidence led to the identification of seven more members of the fraud network, including the operators behind the call centres that manipulated victims into handing over money.

The second wave of action happened on 13 May 2025. Eight searches were carried out across Albania, Cyprus, and Israel. One suspect was arrested in Cyprus and is now expected to be either extradited or surrendered to German authorities. Investigators also recovered electronic devices, documents, and cash, which will support the next phase of the inquiry.

****Global Cooperation****

The fraud operation spanned multiple countries, and its victims are spread across the globe. Eurojust’s press release reveals coordinated judicial efforts from its base in The Hague and facilitated international legal support, including extradition processes. Europol provided live operational help, set up a virtual command post for real-time intelligence sharing, and deployed field support in Israel, Albania, and the UK.

The agencies involved included Germany’s cybercrime prosecutors, police in Cyprus and Israel, Albania’s special corruption unit, and the UK’s National Crime Agency.

This operation was part of EMPACT, the European Union’s coordinated initiative to fight serious organised crime. Fraud and financial crime are key targets in its current cycle running through 2025.

Authorities continue to investigate and expect more victims to come forward. If you believe you’ve been affected by a similar scam, report it to your local cybercrime unit or fraud authority immediately.