Bulgarian police dismantle AI-driven financial fraud ring

Bulgarian authorities, led by the General Directorate for Combating Organized Crime (GDBOP), have dismantled an organized criminal group operating four call centers in Sofia, Varna, and Burgas. The group targeted citizens across various European Union countries using fraudulent investment platforms, primarily for cryptocurrency and other financial instruments, which were generated using artificial intelligence.

The scheme promised rapid and significant profits to lure investors. Funds were laundered through 'financial mules'—individuals of low social status whose names were used to register companies and open bank accounts in Bulgaria. Investigators have identified over 200 bank transfers and estimate the financial damages at approximately 600,000 euros.

During a coordinated operation involving 16 addresses, police arrested nine individuals. Four suspects have been formally charged, and two remain in custody for up to 72 hours following prosecutorial orders. Authorities seized electronic devices, flash drives, chips, documents, and approximately 20,000 euros in cash. The investigation, overseen by the Varna District Prosecutor's Office, is ongoing for participation in an organized criminal group, fraud, and money laundering.