Greek police have arrested 17 people over an alleged crypto fraud scheme that authorities say collected more than $8 million from at least 10,000 participants. Investigators said the operation used company structures and an online platform to present cryptocurrency investments as legitimate opportunities.
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According to a report, Hellenic Police made the arrests in Katerini on October 2 following an investigation. The suspects’ alleged investment network was in operation since at least 2025 and guaranteed high rates of return at little to no risk.
The alleged investment platform was promising a doubling of invested funds in 50 days. Police stated that the platform did not have proper authorization for such services.
Who Was Arrested in the Crypto Fraud Case?
According to ERT, the Greek broadcaster, the nine arrested suspects were serving members of the military. The two noncommissioned officers served as the leaders of the crypto fraud scheme.
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There was also a file indicating the other nine suspects, which included one more person from the military. Two leaders were indicated among the detained suspects. The suspects were presented to the prosecutor at Katerini.
How Did the Suspected Scheme Attract Investors?
These individuals were reported to have received bonuses for attracting new members to join the scheme. ERT noted that the leaders were behind the whole operation with help from other members to bring more deposits.
The participants were led to believe that their investments were making profits. Problems occurred later when some investors wanted to withdraw their money. The crypto fraud scam was believed to operate out of offices in Katerini, Thessaloniki, Larissa, Patras, and an island of the Dodecanese.
What Did Police Seize During the Raids?
Five offices and nine houses were searched by officers in relation to the case. €295,090 was found in cash form and also several electronic gadgets.
The equipment includes 32 mobile phones, 28 computers, and 15 tablets. 38 USB devices, 16 hard disks, bank cards, and a counting machine have also been recovered by investigators.
Investigation is being conducted on these items in connection with the crypto fraud case. These devices can help in tracing transactions and communications made through the platform.
How Many People Were Affected?
So far, authorities have uncovered 18 victims who made deposits totaling more than €55,970. According to police estimates, at least 10,000 people had subscribed to the platform.
The total value of the cryptocurrency fraud was valued at over $8 million, as per the police report. Authorities have not yet given out the total number of victims. The investigation is ongoing as investigators examine people, companies, and digital evidence related to the case.
Where Has Greece Targeted Crypto Crime Before?
Greece has previously taken action against cryptocurrency that is associated with crimes committed abroad. In July 2025, Greek authorities made their first seizure of cryptocurrency assets.
In this instance, the seized money was linked to the $1.5 billion Bybit hack. According to Chainalysis, Reactor software provided by the Anti-Money Laundering Authority of Greece allowed the connection to be made.
An emergency freeze was then ordered, and the case was handed over to the prosecutors. The current crypto scam case, however, revolves around an investment platform.
Why Are Fake Crypto Platforms Drawing Global Attention?
According to INTERPOL, Operation Jackal IV targeted cryptocurrency investment schemes, romance scams, and business email compromises in 22 countries. The operation ran from November 2025 to June 2026.
In South Africa, law enforcement apprehended 39 suspects, confiscated $2.67 million, and froze 257 bank accounts. Romania’s police also raided a call center suspected of promising huge profits from stock and crypto investment scams.
According to investigators’ estimates, the Romania-based cybercrime network defrauded and laundered approximately €143 million globally. Subsequently, INTERPOL’s Operation First Light yielded 5,811 arrests in 97 countries and territories worldwide.
What Does the FBI Tell Crypto Fraud Victims?
The FBI has issued a public advisory warning consumers that phishing schemes employing fake trading platforms often begin by allowing limited withdrawals to cultivate trust before persuading users to make greater deposits.
More substantial withdrawal attempts will trigger account freezes with associated taxation or fee demands. The FBI recommends victims cease transferring funds altogether upon realizing possible crypto fraud.
Moreover, recovery services demanding advance payments should be treated with caution. Victims alleging crypto fraud may furnish wallet addresses, transaction history, website URLs, and correspondence with perpetrators.
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