The SSU’s cyber units, jointly with the National Police, the Prosecutor’s Office and the law enforcement agencies of the Republic of Latvia, have shut down a transnational scheme used to defraud European investors of their money.

The operation resulted in the detention of three organizers in Zaporizhzhia, Kharkiv and Dnipropetrovsk regions.

The criminals set up a ‘call centre’ that posed as one of the EU’s independent financial regulators.

Using this ‘status’, the fraudsters called European investors in online exchange fund projects and offered them ‘investment protection’.

During the conversations, the perpetrators promised to carry out ‘security monitoring’ of electronic transactions and, in case of doubt, to return the invested funds to the owners.

The cost of such ‘services’ was 30% of the amount invested.

In addition, the fraudsters advised their victims to install a specially designed mobile app on their devices. This allowed the criminals to fully control the victims’ financial transactions.

Having gained access to private funds, the offenders withdrew them to their own bank accounts and cashed them out.

They hoped to swindle the victims out of millions.

However, the SSU identified the gang early, documented several episodes of fraudulent manipulation and detained the key members.

The investigation revealed that the organizers involved seven other residents of Zaporizhzhia and Kharkiv. One more accomplice is hiding abroad.

During 14 simultaneous searches of the suspects’ homes, the SSU seized computers and servers, documents, records and bank cards containing evidence.

So far, three detainees have been notified of suspicion under Article 190.4 of the CCU (fraud, committed on a large scale or through illegal transactions using electronic computers). They face up to 8 years in prison.

Their foreign accomplice was declared a suspect in absentia.

The special operation was carried out by the SSU Office in Zaporizhzhia region jointly with the National Police under the procedural supervision of Voznesenivskyi District Prosecutor’s Office of Zaporizhzhia.