Security News > 2022 > November > Ukraine arrests fraud ring members who made €200 million per year
Ukraine's cyber police and Europol have identified and arrested five key members of an international investment fraud ring estimated to have caused losses of over €200 million per year.
The operation of the investment scheme was spread across multiple European countries, including Ukraine, Germany, Spain, Latvia, Finland, and Albania.
The scammers operate call centers and offices in these countries, as required to trick prospective investors into initiating a series of fake investments.
According to the Ukrainian cyber police's announcement, it is estimated that the crime ring employed over 2,000 people in its call centers, drawing victims to the fraud sites.
Three call centers were located in Ukraine, and the five people arrested by the police are believed to be the organizers of the local operations.
Ukraine's investigation into the crime ring has been underway since 2020, involving Europol, Eurojust, and police forces from other EU countries.