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2 clusters · 19 sources · 30 days · First seen about 2 months ago · Last updated 23 days ago

Cryptocurrency fraud investigation in Greece

Overview

Authorities in Katerini, Greece, are investigating a large-scale cryptocurrency fraud scheme orchestrated by a criminal organization. The scam allegedly defrauded approximately 10,000 members of 8 million euros by promising to double investments ranging from 800 to 5,000 euros.

In Katerini alone, the scheme reportedly involved 1,842 members and 2 million euros. The investigation, which began in July 2026 following anonymous complaints submitted via the gov.gr platform, has led to the arrest of 17 individuals, including nine members of the Greek Armed Forces. During coordinated raids across nine Greek regions, police seized approximately €295,090 in cash alongside various electronic devices, such as computers, tablets, and mobile phones.

The group reportedly operated a pyramid scheme using a digital platform and legitimate-looking corporate structures, often utilizing the Hellenic Artificial Intelligence Team Association to lend credibility to their claims. They promised investors high returns and the doubling of capital within 50 days with minimal risk.

Two non-commissioned officers from Pieria and Larissa have been identified as the alleged leaders of the organization, with one leader reportedly acquiring technical expertise for the scam during a trip abroad. While six suspects were released on bail ranging from €15,000 to €20,000, a 44-year-old leader has been placed in pre-trial detention. Nine core members, including the alleged leaders, are scheduled for further questioning regarding the organization’s activities.

Entities

Thessaloniki · Katerini Police Department · Greek Armed Forces · 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.
[● 11 SOURCES] Participants were promised their capital would double within 50 days.
[● 9 SOURCES] Investment tiers reportedly included an €800 entry level and a €5,000 VIP level.
[● 8 SOURCES] The alleged scheme collected approximately $8 million from roughly 10,000 participants.
[● 5 SOURCES] The investigation was initiated following two anonymous tips submitted in July 2026.
[● 4 SOURCES] Nine of the arrested individuals are military personnel.
[● 2 SOURCES] The group allegedly used the Hellenic Artificial Intelligence Team Association to provide legitimacy to the scheme.
[● 2 SOURCES] Police seized approximately €295,090 in cash and various electronic devices during raids.

Timeline

23 days ago

[CRIME] 17 sources
Greece cryptocurrency fraud: 17 arrested in $8M pyramid scheme
Greek police arrested 17 people, including nine military personnel, for allegedly running an $8 million cryptocurrency pyramid scheme that promised to double investor capital in 50 days.
about 2 months ago

[INTERNATIONAL] 2 sources
Greece: Fraud warnings in Tripoli and uniformed services protests in Thessaloniki
In Greece, fraudsters in Tripoli are impersonating accountants to steal credentials, while uniformed services in Thessaloniki are protesting for higher wages and better working conditions.

Sources

archive.in.gr · capital.gr · corfutvnews.gr · cryptobriefing.com · decrypt.co · dete.gr · ertnews.gr · greekcitytimes.com · in.gr · larisanew.gr · larissapress.gr · lawandorder.gr · leonidion.gr · lykavitos.gr · newsbomb.gr · thebest.gr · thessnews.gr · to10.gr · tromaktiko.gr

This summary has been updated 2 times: see revision history