A coordinated operation to uncover an intricate cryptocurrency scam led to the arrest of a suspect in France. The investigation in Portugal, France, Germany, Italy and Romania, supported by Eurojust and Europol, revealed that the suspects were using a scam method known as ‘rip deals’ that caused losses of EUR 700 000 to Portuguese victims.
Scammers using the ’rip deal’ method trick their victims into exchanging money via a fraudulent money exchange programme, which they then use to steal the victim’s assets.
Investigations revealed that the suspects scammed victims across Europe, including in Austria, Italy, Portugal, Spain and Switzerland. The suspects would approach their victims by expressing an interest in acquiring commercial businesses. After gaining their trust and convincing them to install crypto asset wallets, the suspects would steal the victim’s funds.
In the next phase of the scam, other members of the organised crime group would launder the proceeds of the fraud by moving them through several crypto assets. This made it difficult to trace the proceeds.
The investigation, spanning several years, culminated in an action day supported by Eurojust and Europol. During the operation, carried out simultaneously in France, Germany, Italy, and Romania, one suspect was arrested and several houses were searched. Authorities froze multiple bank accounts and seized material goods such as equipment containing information on the scam.
Eurojust supported the investigation by enabling cooperation between the countries involved in the operation. The coordination meeting at Eurojust helped the authorities to exchange information and prepare for the action day. Additionally, Eurojust supported the execution of European Investigation Orders (EIOs), European Arrest Warrants (EAWs), and freezing orders.
The following authorities were involved in the coordinated operation:
- Portugal: Regional Department for Criminal Investigation and Prosecution of Coimbra; Judicial Police
- France: Judiciary Tribunal of Bobigny; National Police 93
- Germany: Public Prosecutor’s Office Darmstadt; ZK32 at Criminal Directorate Offenbach, Southeast Hesse Police
- Italy: Public Prosecutor Office in Milan; Italian State Police – Cyber Security Operations Centre “Lombardia” in Milan
- Romania: Directorate for Investigating Organized Crime and Terrorism – Territorial Structure Timișoara; Romanian Police, Office of Combating Organised Crime Timisoara – Unit Combating Informatics Crimes.
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