Greek police have arrested 17 people in an alleged cryptocurrency investment scheme that authorities estimate collected more than $8 million from at least 10,000 participants. According to reports from ERT News, the operation was uncovered by investigators in Katerini who discovered a suspected pyramid scheme using company structures and an online platform to present cryptocurrency investments as legitimate. Nine of the arrested suspects were military personnel, including two noncommissioned officers allegedly holding leadership roles in the operation. The suspects were brought before the Katerini Public Prosecutor's Office and charged with felonies including membership of a criminal organisation, fraud and money laundering. Hearings before an investigating magistrate began on Saturday morning, with the case file also naming nine other people who have not been arrested.
As reported by ERT News, the platform promised to double investors' money within 50 days without proper authorization. The scheme allegedly used recruitment bonuses where members received incentives for bringing new participants into the platform, creating a hierarchical structure where alleged leaders controlled operations while recruits helped attract further investment. According to the police statement, the operation had been active since at least 2025 and offered guaranteed high returns with little or no risk to participants. The group operated through legitimate-looking companies and an online platform, giving investors false assurances that their money would double. Recruits were reportedly offered bonuses for bringing in new investors, and withdrawals were said to have been blocked in recent weeks, leaving investors unable to retrieve their money.
Following months of investigation, officers arrested two alleged leaders among the 17 suspects and prepared a case file concerning nine additional people, according to the official statement. During coordinated searches of five offices, nine homes and other premises across Pieria, Larissa, Mytilene on Lesbos, Patras, Ioannina, Komotini, Preveza, Kavala and the Attica region around Athens, police seized €295,090, 32 mobile phones, 28 computers, 15 tablets, 38 USB storage devices, 16 storage drives, bank cards and a money-counting machine. Within the investigation, authorities identified 18 victims whose combined deposits reached €55,970, while police separately estimated that at least 10,000 people had joined the platform. A flare pistol, three firecrackers and 26 metal pellets were also found in the possession of one of those arrested.
The Greek case is part of a broader international crackdown on crypto fraud. According to INTERPOL, Operation Jackal IV ran from November 2025 through June 2026 and involved 22 countries across six continents, including the United States. During raids in Johannesburg, South African authorities arrested 39 people, seized $2.67 million and blocked 257 bank accounts. In Romania, investigators dismantled a call center that estimated the network stole and laundered approximately €143 million worldwide. The FBI warns that scammers may permit early withdrawals to build confidence before encouraging larger deposits, then freeze accounts and demand supposed taxes or fees.
