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Cryptocurrency fraud investigation in Greece

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2026-10-05 11:07 UTC → 2026-10-05 12:01 UTC · added ~~removed~~

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, ~~promising~~ 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 ~~military personnel~~ 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 ~~of the Artificial Intelligence Friends Association~~ has been placed in pre-trial detention. Nine core members, including the alleged leaders, are scheduled for further questioning regarding the organization’s activities.

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