Nine suspects have been arrested in a major police operation targeting an international money laundering network, Eurojust announced on Tuesday.
The coordinated raids were conducted between 27 and 29 October across Germany, Spain, and Cyprus, with Belgian authorities joining forces with France and these three nations.
The network allegedly created fake cryptocurrency investment platforms that imitated legitimate websites and promised high returns.
Victims were lured through methods including social media advertisements, bogus news articles, and fabricated testimonials from celebrities or investors.
Once persuaded to transfer their funds to these platforms, victims found themselves unable to retrieve their money, which was subsequently laundered through blockchain technology. Approximately €600 million was reportedly defrauded in total.
The investigation began after several victims filed complaints. Eurojust, headquartered in The Hague, facilitated a swift collaboration between French and Belgian authorities.
Due to links between the suspects and Cyprus, Spain, and Germany, judges and prosecutors from these countries also participated in the operation.
The nine suspects were arrested at their homes for their alleged involvement in laundering proceeds from fraudulent activities.
Authorities seized €800,000 in bank accounts, €415,000 in cryptocurrencies, and €300,000 in cash during the operation.
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