An international operation orchestrated by Europol, which received contributions from the Cyprus Police, has successfully dismantled a cryptocurrency fraud network. During the operation, as stated in a press release issued by the Police, six individuals were arrested, one of whom was located in Cyprus, while millions of euros in cryptocurrencies, cash, and other assets were seized.

The operation involved not only the Cyprus Police but also the police authorities of Austria and the Czech Republic, with coordination from Europol and Eurojust.

The investigation was initially conducted by the Austrian authorities. According to a press release from Europol dated yesterday, between December 2017 and February 2018, the suspects allegedly defrauded their victims by persuading them through targeted online information to invest money in cryptocurrencies on specific online platforms. The fraud reportedly resulted in damages amounting to 5 million euros.

With the assistance of Europol, a Joint Action Day was carried out on October 17, 2023, with the participation of authorities from Austria, the Czech Republic, and Cyprus. The operation included simultaneous searches and arrests across the three countries.

In Cyprus, it was noted that one of the suspects resided there against whom an arrest warrant had been issued, as well as a search warrant for his residence. During the Joint Action Day, members from the Office of Execution of European Investigation Orders & Requests for Judicial Assistance, the Judicial Electronic Data Laboratory, and the Larnaca Division, along with investigators from the Austrian authorities and Europol, went to his residence, where they located and arrested the suspect.

The subsequent search resulted in the discovery and collection of various electronic computers and mobile phones, as well as an electronic wallet containing a number of cryptocurrencies, valued at over $90,000.

All seized items were handed over to the Austrian authorities, and the suspect was brought before the court and subsequently extradited to Austria, concludes the announcement from the Police.