Investment fraud with a Cypriot thread. Three arrests in Limassol

Three women were arrested in Limassol during an international operation against a network suspected of providing support for online investment fraud. The investigation involves a scheme that targeted potential victims in over 50 countries, with estimated losses exceeding €4 million.

During coordinated operations on November 3rd, a total of seven people were detained, 17 locations were searched, and over 100 servers were seized. In Cyprus, police conducted seven searches of apartments and offices in Limassol. The detained women are aged 30, 30, and 54.

Three women on trial in Limassol

The arrests in Cyprus were made pursuant to European Arrest Warrants. The suspects were brought to the District Court in Limassol for the purpose of transferring them to German authorities.

The court set a later date for the proceedings and ordered the release of all three women on conditions. Their liability for the alleged acts has not been determined.

Cypriot officers specializing in criminal investigations and digital evidence analysis, as well as representatives from German intelligence agencies, participated in the searches. Among other items, laptops, mobile phones, and digital wallets were seized.

The company was supposed to provide fraudsters with ready-made platforms

The operation was led by the prosecutor's office in Itzehoe, Germany. It involved services from Cyprus, Albania, Finland, Germany, Kosovo, and North Macedonia, with support from Europol and Eurojust.

A company suspected of providing fraudulent online trading platforms to criminal groups is at the center of the investigation. According to investigators, the company allegedly operated such services from Cyprus and Israel.

This model was described as "crime as a service": some would provide the technical support for the fraud, while others would use it to obtain money. Among the company's suspected clients were operators of illegal call centers in Albania, Kosovo, and North Macedonia.

Advertising, telephone and profits existing only on the screen

The scheme began with ads promising quick and high profits from cryptocurrencies, currencies, or stocks. Users were directed to websites resembling legitimate investment services.

The scheme also involved affiliate marketing, whereby customers were acquired through intermediaries. Contact data collected this way was then sold to groups operating call centers.

Interested parties received calls from supposed brokers, encouraging an initial, relatively small deposit, after which fictitious profits would appear in the user's account. These profits were intended to build trust and persuade them to transfer increasingly larger amounts.

When users attempted to recover their funds, withdrawals were delayed. Ultimately, communication ceased. The displayed balance did not indicate that the funds had actually been invested or that they could be withdrawn.

The investigation began with the report of a married couple from Germany

The case dates back to 2022. A couple in Germany reported that they were unable to withdraw money entrusted to an online investment platform.

The first international operation led to two arrests and evidence seizures. Analysis of the evidence allowed the investigation to expand and identify additional suspects. Further operations were conducted in 2025.

Examination of the collected data led investigators to the alleged infrastructure provider and its connections to the call centers. The November operation was the next step in this investigation.

The cooperation also included Polish services

Eurojust supported the execution of European Investigation Orders, arrest warrants, and asset freezing orders. Two joint investigation teams were established during the case, one of which involved cooperation between the authorities of Germany, Poland, and Albania.

Europol conducted analyses and cross-checked information against its databases. On the day of the operation, it also dispatched experts to Albania and Kosovo to support the securing and examination of digital evidence.

The loss estimate of over €4 million remains the investigators' estimate. The information about the scope exceeding 50 countries refers to potential victims; it does not represent the total number of countries where all fraud cases have already been confirmed.