Greece cryptocurrency fraud: 17 arrested in $8M pyramid scheme

cryptocurrency pyramid scheme Greek police investment fraud military personnel arrested Katerini

Greek authorities have dismantled a massive cryptocurrency pyramid scheme that allegedly defrauded approximately 10,000 investors of roughly $8 million. The investigation, led by police in Katerini, began in July 2026 following two anonymous tips submitted via a government portal.

Seventeen individuals have been arrested, including nine military personnel. Two non-commissioned officers are alleged to have held leadership roles in the organization. During coordinated raids across nine Greek regions, police seized approximately €295,090 in cash, along with numerous electronic devices, including computers, tablets, and mobile phones.

The group allegedly operated using a legitimate-looking online platform and corporate structures, often using the Hellenic Artificial Intelligence Team Association to lend credibility to their claims. They promised investors that their capital would double within 50 days with minimal risk. Investment tiers reportedly ranged from an €800 entry level to a €5,000 VIP level.

While the total estimated fraud reaches $8 million, investigators have identified 18 specific victims who suffered a combined loss of €55,970. Several suspects have been released under restrictive conditions with bail set between €15,000 and €20,000, while others, including a 44-year-old leader, have been remanded in custody.

Entities

Artificial Intelligence Friends Association · Greek Armed Forces · Greek Police · Hellenic Artificial Intelligence Team Association · Hellenic Police · Katerini · Katerini Police Department · Larissa · Pieria

Claims

What the coverage asserts, and how many sources carry each claim.

[● 11 SOURCES] Greek police arrested 17 people in connection with an alleged cryptocurrency pyramid scheme. cryptobriefing.com · decrypt.co · corfutvnews.gr · dete.gr · www.thebest.gr · +5 more
[● 5 SOURCES] The investigation was initiated following two anonymous tips submitted in July 2026. cryptobriefing.com · decrypt.co · www.thebest.gr · www.larisanew.gr · www.in.gr
[● 2 SOURCES] Police seized approximately €295,090 in cash and various electronic devices during raids. cryptobriefing.com
[● 4 SOURCES] Nine of the arrested individuals are military personnel. cryptobriefing.com · decrypt.co · corfutvnews.gr · www.tromaktiko.gr
[● 11 SOURCES] Participants were promised their capital would double within 50 days. cryptobriefing.com · decrypt.co · corfutvnews.gr · dete.gr · www.thebest.gr · +5 more
[● 8 SOURCES] The alleged scheme collected approximately $8 million from roughly 10,000 participants. cryptobriefing.com · decrypt.co · corfutvnews.gr · www.tromaktiko.gr · www.in.gr · +2 more
[● 2 SOURCES] The group allegedly used the Hellenic Artificial Intelligence Team Association to provide legitimacy to the scheme. cryptobriefing.com · decrypt.co
[● 9 SOURCES] Investment tiers reportedly included an €800 entry level and a €5,000 VIP level. decrypt.co · corfutvnews.gr · www.tromaktiko.gr · www.thebest.gr · www.larisanew.gr · +4 more