Ukrainian Police Bust Crypto Call Centers Defrauding Investors Across Europe

Ukrainian investigators have unmasked a scheme targeting residents of the country and the European Union with various financial scams, including some related to cryptocurrencies. Members of the criminal organization contacted their victims via call centers to collect personal financial information.

Ukrainian fake call centers promise foreigners excess profits from cryptocurrency trading

Officers from the main investigative department of the Ukrainian National Police and the Security Service of Ukraine (SBU) dismantled a criminal group operating schemes designed to embezzle funds from the country’s citizens and a number of EU nations. Its members have offered investors to participate in the exchange of cryptocurrencies, stocks and commodities.

Investigators found that the scammers created a network of call centers and presented themselves as officials of state banking institutions to obtain credit card information. They used high-tech equipment and software that allowed them to change their phone numbers to make them appear as if they were official bank numbers.

The organizers of the program used fake websites and exchange platforms to trade fiat and digital currencies, stocks, gold and oil. To attract investment funds they promised excess profits in a short period of time, the Ukrainian National Police explained in a press release published on Tuesday.

Furthermore, the scammers also gained access to a database with the contact information of foreign nationals who had been targeted in similar attempts in the past. On behalf of a so-called “Cryptocurrency Broker Community”, they offered victims to track down and return their stolen cryptocurrency for a “fee”.

After accepting the services of the non-existent body, these people were sent the details for the transfer of the commission to accounts controlled by the members of the criminal regime. After receiving the funds, the “brokers” suddenly stopped communication and the lost cryptocurrency was never returned.

In searches conducted by Ukrainian law enforcement agencies at the addresses of call centers, computer equipment, mobile phones and documents confirming illegal activities were seized. If found guilty under the provisions of the Ukrainian Criminal Code for large-scale fraud committed by an organized group and for the use, distribution or sale of malicious software, perpetrators can face up to 12 years in prison.

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bank cards, banking institutions, banks, commodities, crypto, cryptocurrency theft, cryptocurrency trading, cryptocurrency, cryptocurrency, exchange, fraud, scammers, gold, national police, ILO, police, SBU, scam, scammers, scams, securities, Ukraine, Ukrainian

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Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who likes Hitchens’ quote: “Being a writer is who I am rather than what I do.” In addition to cryptocurrencies, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image credits: Shutterstock, Pixabay, Wiki Commons, Ukrainian National Police

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