January 2023 - Investment scams

Eurojust and Europol joined forces in a concerted effort against an elaborate online investment scam that inflicted substantial financial losses on over 33,000 victims, totaling an estimated EUR 89 million.

Responding to the German authorities' call, two operation days unfolded in March, resulting in the apprehension of five suspects. Simultaneously, 15 locations across Bulgaria, Romania, and Israel underwent thorough searches, including the dismantling of five illicit call centers. This strategic initiative marks a follow-up to the actions taken against the same fraudulent scheme in 2021.

The collaborative efforts in 2021 yielded a wealth of fresh insights and evidence, paving the way for impactful operations in March 2023. What was initially estimated as EUR 15 million in financial damage has now been revealed to be a much larger network of victims and significantly greater financial repercussions.Eurojust played a central role by establishing a joint investigation team to scrutinize the intricacies of the online fraud scheme, commencing in January 2023.

Two purposeful coordination meetings, orchestrated by Eurojust, were instrumental in preparing for the subsequent actions. Eurojust also facilitated the execution of European Arrest Warrants, European Investigation Orders, and requests for Mutual Legal Assistance.During the operation days, 33 German police officers and investigators actively engaged in operations on the ground across Bulgaria, Romania, Georgia, and Israel, with strategic support from Europol specialists.

To fortify the ongoing investigation, Europol instituted a dedicated Operational Task Force, fostering seamless information exchanges and delivering analytical support. Europol's experts were strategically deployed to Israel, while simultaneously providing remote assistance to the coordination center at Eurojust during the recent operation days.Significant seizures were made during the operations, including luxury watches, electronic devices, cash, bitcoins, bank cards, documents, and data carriers.