Three suspects detained in Cyprus over international crypto fraud

Three people were detained in Cyprus as part of an international operation investigating a large-scale cryptocurrency fraud scheme. According to investigators, the criminal group stole tens of millions of euros from hundreds of residents of Belgium and the Netherlands.

The operation took place simultaneously in Cyprus, Belgium and Greece. In total, five people were detained — two Belgian nationals and three Dutch nationals aged between 27 and 45. They are accused of fraud, money laundering and participation in a criminal organisation.

According to Belgian police, the criminal network operated from Cyprus, where a call center was allegedly located whose employees contacted potential victims.

The investigation began in January 2024 after a resident of Belgium reported losing money through a fake investment platform. Investigators believe the perpetrators placed fake advertisements online using images of well-known people and then persuaded users to invest in supposedly profitable cryptocurrency projects.

During searches in Cyprus, police seized computers, mobile phones, digital storage devices and about 50,000 euros in cash.

According to investigators, around 200 residents of Belgium have already fallen victim to the fraudsters, and the total damage is estimated at tens of millions of euros. Law enforcement agencies from Cyprus, Belgium and the Netherlands, Europol and the British bases in Cyprus are involved in the investigation.