Security News > 2023 > February > Authorities break up gang responsible for €38 million CEO fraud
8 suspects arrested Seizures include: electronic equipment and vehicles, about EUR 3 million from Portuguese bank accounts, EUR 1.1 million from Hungarian bank accounts, EUR 600 000 from Croatian bank accounts, EUR 400 000 from Spanish bank accounts, EUR 350 000 in virtual currencies.
The total value of the seizures is estimated at about EUR 5.5 million.
Pretending to be consultants, they persuaded the CFO to transfer millions of euros abroad. In total, they defrauded the company of almost EUR 38 million in a matter of days.
The authorities in Croatia blocked and froze over EUR 600 000 in several bank accounts.
The Portuguese investigation led to the seizure of approximately EUR 3 million held in multiple bank accounts.
The Hungarian authorities discovered that more than EUR 7 million had been received in Hungarian bank accounts before being withdrawn in cash or transferred to bank accounts in other countries.