Police in the Netherlands, along with international partners, have dismantled one of the largest crypto investment fraud operations ever uncovered. The criminal network ran approximately 20 call centers staffed by more than 700 people posing as professional financial advisers. Since at least 2021, they defrauded tens of thousands of victims across dozens of countries, generating an estimated €100 million per month. Dutch victims alone lost approximately €25 million — often in amounts of €10,000 or more — through fake online trading platforms that showed impressive-looking gains on a dashboard while never actually investing a single euro of the deposited money.
The alleged mastermind — a 46-year-old man with Israeli and Polish citizenship — was arrested at a Polish airport in May. Additional suspects were picked up in Cyprus and Athens in July. Police are warning victims of a secondary scam: fake “recovery firms” that promise to get your money back but are suspected to be run by the same criminal network. If you or someone you know was approached by one of these investment platforms, do not pay any recovery service — report it directly to local police or your country’s financial crimes authority.