In mid-September, the financial crime division (ECOFIN) of the federal judicial police in Brussels dismantled an international investment fraud network that allegedly lured hundreds of victims, including Belgian residents.
The network first attracted victims by offering expensive financial training courses supposedly designed to teach forex (foreign exchange market) trading. These courses acted as a springboard for larger-scale fraud schemes.
Participants were offered a “unique investment opportunity” with promises of guaranteed and extraordinary returns. Victims were enticed with claims of up to 350% profits in just 60 weeks.
In reality, no actual investments were made. The scheme operated as a classic Ponzi system, using funds from new participants to pay earlier investors and create the illusion of success.
To further the deception, the organisers issued so-called halal certificates to appeal to Muslim investors. These certificates falsely claimed the investments complied with Islamic law. According to ECOFIN, 99% of the identified victims belong to this community.
So far, around 20 Belgian victims have filed complaints. However, police believe this is just the tip of the iceberg, with many more victims likely both in Belgium and abroad.
Authorities suspect numerous victims remain silent due to shame or fear of never recovering their money. Losses in Belgium alone are estimated at several hundred thousand euros, while international damages could amount to millions.
The police warn that investment fraud is on the rise and often follows similar patterns, such as unrealistic promises and guaranteed returns. They stress that such claims should always be seen as red flags.
