Overview
Ukraine's cyber police have arrested four people suspected of running fraudulent call centers that targeted victims in Germany with crypto and stock investment scams. The group includes its alleged leader. Three suspects are in pretrial detention, and a suspected co-organizer is under house arrest.
The Scheme
Investigators identified 135 victims in Germany who lost more than €4.3 million (about $4.8 million). The suspects:
- Posed as financial advisers
- Pressured victims in the EU, mainly Germany, to invest in cryptocurrencies and stocks via fake online platforms
- Helped victims open crypto exchange accounts and send funds to wallets the group controlled
- In some cases gained access to victims' online banking
Proceeds passed through bank accounts and crypto wallets to hide their origin before being split among members.
The Operation
Police conducted two rounds of raids, in August and September 2026, searching more than 50 properties in Kyiv and other cities. They seized computers, phones, crypto wallets, documents, and over $90,000 in cash. The suspects face up to 12 years in prison and confiscation of property if convicted. Investigators are still identifying other members and victims.
Context
In September 2026, Ukraine's parliament created specific criminal penalties for organizing, operating, working in, or recruiting for scam call centers. Last week, anti-corruption investigators also uncovered a group of at least 12 people that allegedly bribed senior officials to shield call centers from investigation, and the SBU dismissed two senior officials suspected of involvement.
Staying Safe
- Be wary of unsolicited "advisers" who push crypto or stock investments.
- Never grant remote access to your banking or move funds to wallets a third party controls.
- Verify investment platforms against regulator warning lists before depositing money.
- Report suspected fraud to local police and your bank immediately.