The Ukrainian branch of an international financial fraud scheme was uncovered and taken down by the Cyberpolice Department.
The cybercrime combatting unit of the National Police of Ukraine (NPU) has uncovered five citizens of Ukraine who are accused of participating in a large-scale international scheme. The scheme enticed victims with the promise of high profits from fictitious investments in cryptocurrencies and securities. The scheme was uncovered by the NPU.

According to information provided by Ukrainian police officers, the organization responsible for the criminal enterprise had built representative offices and call centers across Europe. According to the information provided in a press release, the company is expected to incur annual losses that are greater than €200 million ($207 million).

The operation was carried out in conjunction with the Main Investigative Department of the National Police of Ukraine (NPU), the Prosecutor General's Office of Ukraine, and with the assistance of Europol, the European Union Agency for Law Enforcement Cooperation, and Eurojust, the body of the European Union responsible for judicial cooperation.

The investigation into the organization, which began in Ukraine in the year 2020, received assistance from law enforcement authorities in Albania, Finland, Georgia, Germany, Latvia, and Spain, among other countries. According to the Cyberpolice, legal proceedings have been filed in relation to the issue in seven different nations.

Investigators Believe That Thousands of Individual Investors All Over the World Were Cheated.
More than 2,000 people were employed throughout a number of different European nations in the customer service centers that had been established by the criminal organization. Their primary objective was to persuade investors that it was possible to generate high profits through trading stocks, bonds, and options in addition to investing in cryptocurrencies.

According to Europol's estimates, the illegal activities of the transnational group have had an impact on the lives of hundreds of thousands if not millions of people all over the world. On its various platforms, the scam made it appear as though assets were growing in value, but investors were never allowed to withdraw their money.

Three of the call centers that the five Ukrainians were responsible for were located in the country's capital city of Kyiv as well as in the city of Ivano-Frankivsk, which is located in western Ukraine. According to Ukrainian law, the organizers face a possible maximum sentence of eight years in prison if they are found guilty. In August, it was discovered that the network was actually in operation.

The homes of the individuals suspected of being involved in the crime in Ukraine, as well as the homes of other members of the group who live in other countries, have been searched by law enforcement officers. According to the Cyberpolice department, more than five hundred mobile phones and computers have been recovered as a result of the searches.