A vast network of fraudulent call centers convinced thousands worldwide to invest in fake trading platforms, with Cyprus emerging as a crucial node in the operation, according to reporting by the Cyprus Investigative Reporting Network (CIReN). Leaked data show the network allegedly targeted 26,810 people from call centers operating in Cyprus, Israel, Bulgaria, Ukraine, Spain, and North Macedonia, leading victims to believe they were investing in profitable stocks, cryptocurrencies, and commodities.

One victim, a Spanish architect known by her initials, IGP, told reporters she lost €400,000—her entire nest egg—in just a month. The perpetrators urged her to open accounts on mainstream payment and cryptocurrency platforms, promising lucrative returns that never materialized. Instead, she found herself watching phony balances grow on a fraudulent website, only to be pushed to invest more.

While many of the call centers involved have since relocated, a “Cyprus HQ” reportedly operated out of Limassol’s Victory House until mid-2024, according to leaked payroll spreadsheets and staff conversations examined by CIReN. No Cypriots are believed to have been targeted; the victims, mostly from Canada, the UK, South Africa, and Western Europe, were solicited through deceptive online ads featuring celebrity endorsements. Once a potential victim clicked on an advertisement, an affiliate marketer sold their personal details to the call centers.

Records indicate that the network collected at least €230 million between 2021 and 2024, though the actual figure could be even higher. Cyprus police did not respond to questions prior to publication. Experts say the case highlights the need for tighter oversight of call centers and investment operations, especially those based in financial hubs like Cyprus.

This article is based on the original investigative findings shared by CIReN, as part of an international media collaboration exposing the scale of the so-called “Scam Empire.” Read the full report here.