The Estonian Central Criminal Police arrested three men on Tuesday, who are suspected by the prosecutor's office of being involved in a large-scale investment fraud scheme. This scheme saw victims transfer approximately 1.37 million euros to the suspects. The court has imprisoned two of the suspects for up to two months based on the prosecutor's request, as there are concerns they may continue committing crimes while at large.

According to preliminary information, the men provided misleading information to both the public and selected private individuals and companies regarding the investment opportunities related to virtual products, which included cryptocurrency purchases, since 2022. They allegedly withheld critical information and manipulated the data in a manner that could mislead investors regarding the offered products. For instance, they claimed that their developing crypto token would be listed on an exchange and that its value might eventually reach levels comparable to Bitcoin.

State Prosecutor Jürgen Hüva indicated that this fraud scheme demonstrates significant concerns regarding the safety of investors in the market for virtual currencies and highlights the need for regulatory oversight in the rapidly evolving landscape of cryptocurrency investments. The case emphasizes the importance of due diligence among potential investors, particularly in environments where fraudulent activities are becoming increasingly sophisticated and prevalent.