Authorities in Austria and Albania have dismantled a major cryptocurrency investment fraud network accused of stealing more than €50 million from victims around the world.
The operation, which began in June 2023 with support from Europol and Eurojust, led to the arrest of 10 suspects and coordinated raids on April 17 across multiple locations.
During the crackdown, police searched three call centers and nine private residences, seizing €891,735 in cash along with hundreds of electronic devices, including 443 computers, 238 mobile phones, laptops, and storage systems for forensic analysis. Investigators believe these assets were central to running the large-scale scam operation.
The fraud ring operated like a legitimate company, employing up to 450 people across departments such as customer acquisition, IT, finance, and human resources. Structured with team leaders and call center managers, the organization maintained a clear hierarchy, with employees working in language-based teams handling victims from different countries.
According to Europol, the network ran several professional call centers in Tirana, designed to appear like real financial service firms. Staff were paid around €800 per month, with additional commissions based on how much money they could extract from victims.
The scammers used online ads and social media campaigns to lure individuals to fake cryptocurrency investment platforms. Once onboarded, victims were assigned so-called “retention agents” posing as brokers or financial advisors. These agents built trust, often gained remote access to victims’ devices, and pressured them into making repeated deposits.
In reality, none of the funds were invested. Instead, the money was funneled through international laundering channels into accounts controlled by the criminal network.
In some cases, victims were targeted again through a secondary scam. Fraudsters contacted them offering to recover their lost funds, asking for an additional €500 fee in cryptocurrency—effectively scamming them twice.
The investigation, which started in Vienna, identified victims across multiple countries, including Italy, Germany, Greece, Spain, Canada, and the United Kingdom, highlighting the global scale of the operation.
This takedown is part of a broader effort by European authorities to crack down on organized online investment fraud. Similar operations in recent years have uncovered networks stealing millions monthly, including large “pig butchering” scams where victims are manipulated over time into making large financial investments.
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Law enforcement agencies continue to warn users to remain cautious of unsolicited investment opportunities online, especially those promising high returns with little risk.
