The joint efforts of Eurojust, Italy, and Albania have successfully dismantled an online investment fraud based on the use of cryptocurrencies. During the action, assets worth up to 3 million euros were seized. Eurojust provided essential support to the judicial cooperation between the two countries and also facilitated the establishment and funding of a joint investigation team (JIT). This initiative is a testament to the effectiveness of international law enforcement efforts in tackling online criminal activities. The total cost of the damage is around $16M.
The investigation into an investment fraud case revealed that the crime was committed by an organized crime group (OCG) operating out of a call center in Tirana, Albania. The group used unidentifiable virtual numbers and virtual private networks (VPNs) to contact victims by phone and convince them to create an account on a portal. Once the transfer was made, the suspects reset the account, embezzled the funds, and made themselves untraceable. The authorities are still searching for the OCG members involved in the fraud.
The perpetrators of the recent cryptocurrency scam were able to gain the trust of their victims by convincing them that they could secure an immediate financial gain with a small initial investment. Victims were contacted by alleged ‘brokers’ via reputable online trading platforms, which promised profitable investments in cryptocurrencies with zero risk. This false sense of security and potential for easy money enticed many unsuspecting investors and ultimately cost them a great deal of money.
The second phase of the scam saw the perpetrators gain access to the victims’ personal home banking pages through the use of PC remote control software. They then proceeded to convince the victims to invest their entire economic capital, leaving them vulnerable and exposed. In the final stage of the scam, members of the criminal organization contacted victims who had uncovered the deception and attempted to convince them to make additional payments to recover the lost funds. This was a particularly malicious way of exploiting the victims, as those who had already been taken advantage of were being targeted again.
Eurojust coordinated a three-day action from December 13-15 which saw the execution of precautionary detention orders against the main suspects of fraud. Thirteen locations were searched in Albania, with 160 electronic devices, a mobile phone, and 3 million euros in assets seized in both Italy and Albania. The Italian authorities opened the case with Eurojust in 2020 and since then, Eurojust has provided active facilitation of cross-border judicial cooperation between the involved nations, as well as funding and organization of four coordination meetings and a coordination center during the action.
More about Eurojust
Eurojust is an agency of the European Union that was established in 2002 to fight serious crime. It has the mandate to ensure that justice is applied consistently across the EU and to strengthen the cooperation of judicial authorities in different member states. Eurojust works to ensure that the laws of the EU are enforced and that justice is served for all its citizens. It does this by providing support to national authorities, facilitating cross-border cooperation, and helping to ensure that serious crimes are properly investigated and prosecuted. Eurojust helps to ensure that justice is served throughout the EU and is an invaluable asset in fighting crime.
