Suspected online investment fraud network targeted, 7 arrested and over 100 servers seized; SPAK involved in investigation

An international investigation into suspected fraud involving online investment platforms has led to the arrest of seven people and the seizure of more than 100 servers. The operation against the criminal network spanned several countries, including Albania, Kosovo, North Macedonia, Germany, Cyprus, Finland and Israel, with support from Eurojust and Europol.

The investigation began with a complaint filed by a German couple in 2022. After investing their savings through an online platform, the couple had been unable to withdraw their purported profits. More than four years of investigations and cooperation between authorities in several countries led to the latest raids, during which arrests were made and evidence was seized.

In Albania, the operation was coordinated by the Special Prosecution Office (SPAK), the National Bureau of Investigation and the State Police, in cooperation with foreign authorities. Albania joined two joint investigation teams established through Eurojust: one with Germany and Poland, and the other with Kosovo.

Investigators suspect that a company based in Cyprus and Israel provided illegal services to criminal groups by building fraudulent online investment websites. Suspected clients of the company have been identified in Albania, Kosovo and North Macedonia and are believed to have run call centres used to defraud members of the public.

According to investigators, the scheme targeted people in countries around the world, luring them with promises of large returns within a short period from investments in cryptocurrencies, foreign currencies and stocks. Initially, the online platforms showed them fictitious profits. Individuals posing as brokers then subjected them to psychological pressure to persuade them to keep increasing the amounts they invested.

Victims’ attempts to withdraw their money were met with various obstacles and excuses, until the organisers of the scheme disappeared along with the invested funds. Financial losses attributed to this criminal activity are estimated at more than €4 million.

As part of the operation, searches were carried out at 17 premises, including a call centre in Kosovo. In addition to the servers, authorities seized other evidence and assets. The seven people arrested are expected to be surrendered or extradited to Germany, which was the purpose of the arrests.