Latvian authorities have collaborated with foreign law enforcement to detain 11 individuals connected to an organized crime scheme that scammed residents, including Latvians, out of over 100,000 euros monthly through fraudulent investment schemes.
On February 17, the State Police of Latvia, in collaboration with foreign law enforcement agencies, dismantled an organized crime network operating call centers in Dnipro, Ukraine. This group executed investment fraud schemes targeting numerous individuals across Europe, including residents from Latvia. The police reported that 11 suspects were arrested as part of this operation.
The organized crime group had established multiple branches where employees were trained to perpetrate investment fraud. They created an illusion of profitable investments in cryptocurrencies by showcasing fictitious profits on specially designed platforms. Some call center employees guided victims in investing, while others allegedly offered 'assistance' in recovering previously lost funds, thus defrauding individuals again.
Victims have reported substantial financial losses, with the organized crime network illicitly acquiring over 100,000 euros monthly. The scammers targeted a wide range of individuals, leading to significant repercussions for victims, both in Latvia and throughout Europe, highlighting the continued threat of investment scams in the region.
