Slovak police charge two in 31-million-euro investment fraud

Slovak financial police have charged two individuals, identified as M. K. and A. J., with a continuous crime of fraud involving approximately 31 million euros. Operating through a network of interconnected companies under the brand AGF, the suspects allegedly defrauded more than 500 victims between 2022 and 2026.

The scheme targeted investors with promises of high returns from stocks, cryptocurrencies, and real estate. Investigators found that an online portal used to track investments displayed fabricated data that was manually entered and did not reflect actual financial results. This allowed clients to see perceived growth even when projects were incurring losses.

Authorities described the operation as a Ponzi scheme, where payouts to earlier clients depended on the influx of new deposits. Funds were reportedly used for the suspects' personal needs, intermediary commissions, and to cover losses in failing projects. During the police operation, known as Giezi, more than 100 officers were involved across five regions. Police seized assets worth approximately 1.5 million euros, including cryptocurrency wallets, and detained 11 people.