Greece investment fraud: Pyramid schemes uncovered in Pieria and Crete

Police investigations in Greece have uncovered similarities between two major pyramid schemes operating in Pieria and Crete. These fraudulent operations targeted individuals by promising high returns through investments in non-existent digital currencies that lacked blockchain verification.

In the Crete case, which concluded last March, 12 individuals were arrested and seven were remanded in custody. The perpetrators organized investment seminars in hotels, including one in Thessaloniki with over 400 attendees, without authorization from the Capital Market Commission. Victims included farmers, greenhouse owners, and professionals who were misled into believing their capital would grow through mining processes.

A similar scheme recently collapsed in Pieria following a multi-month police investigation. Victims reported being lured by the promise of doubling their money, often using long-term savings intended for major purchases, only to find they could no longer withdraw their initial capital.