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Authorities have arrested 17 people across Greece in connection with an alleged criminal organization that promised investors they could double their money in just 50 days through cryptocurrency investments.
The suspects allegedly approached would-be investors with offers of exceptionally high returns, presenting cryptocurrency as a lucrative opportunity. According to authorities, the ring allegedly operated along pyramid-scheme lines, encouraging participants to recruit new investors in return for higher potential earnings.
Credit: Greek Police (EL.AS) handout
The case file includes nine additional people who have not been arrested. Among those detained are reportedly members of the Greek armed forces, although details of their alleged roles have not been disclosed.
The 17 suspects were brought before a prosecutor in the north-central city of Katerini and subsequently referred to investigating magistrates to give testimony.
The case follows other cryptocurrency investment fraud investigations in Greece, including alleged schemes in which victims were promised exceptionally high returns and new participants’ money was allegedly used to pay earlier investors.