Eurojust, the European Union Agency for Criminal Justice Cooperation, which coordinated the operation, stated Thursday that investigators believe the true scope of the fraud may be far larger, with estimates suggesting the scheme could have defrauded victims worldwide of as much as 500 million euros ($539.8 million).
Several suspects have been identified in connection with the fraud, including the alleged mastermind, who was arrested in Cyprus on Wednesday during a coordinated law enforcement operation.
Authorities also searched 22 locations across Cyprus and Serbia, seizing computers, hard drives, mobile phones, and other digital evidence.
The scam first came to light in June 2020 after victims began filing complaints about professionally designed websites promising high returns on minimal investments, according to Eurojust. The General Public Prosecution Office of Dresden and the Police Directorate of Chemnitz led the investigation.
Despite the promises, most victims saw little to no returns, with some recouping only a fraction—just 3% of their initial investments. The perpetrators also gained access to victims’ personal data and bank account details, which they used to create fake customer accounts, lending credibility to the scheme.
So far, about 120 victims have been identified in Germany alone, with losses estimated at 12 million euros ($12.95 million). Investigators suspect many more victims worldwide and continue to pursue leads, according to Eurojust.