Police in Germany seized more than 100 servers in an operation against an investment fraud network, according to Europol. The Itzehoe Public Prosecutor's Office led the action day on November 3, which targeted the company believed to host the fraudulent investment websites.
Victims were lured by deceptive ads promising large gains with no downside. Europol said the company then shared victims' personal data with criminal groups running scam call centers. Scammers posing as brokers used social engineering tactics to persuade victims to invest. Fake online accounts showed illusory gains, which encouraged further investment.
When victims tried to withdraw funds, brokers allegedly delayed payments and then cut contact. Europol claimed victims had no way to recover their money.
Investigators estimate losses exceed €4m ($4.5m). Potential victims may be in as many as 50 countries.
The action day also led to the arrest of seven suspects, who will be extradited to Germany. Authorities searched 17 locations and seized other evidence and assets. Albania, Cyprus, Finland, Germany, Israel, Kosovo, and North Macedonia cooperated in the operation. Europol said scam call centers were identified in Albania, Kosovo, and North Macedon