Dutch Belgian fraud ring investigators say the network took in about €100 million a month at its peak and used roughly 20 call centers with more than 700 people.
Police in the Netherlands and Belgium said they dismantled the operation this week. They arrested six suspects. Investigators said the group posed as financial advisers and ran the scheme like a business.
The main suspect is a 46-year-old dual Israeli-Polish national, according to police. He was detained at a Polish airport on May 26 after arriving from Dubai. He was then transferred to the Netherlands, where a judge ordered 14 days of detention pending trial.
Dutch Belgian Fraud Ring Arrests Spread Across Europe
Police said the other five suspects were arrested in July. Three were detained in Cyprus raids, where officers also seized hardware wallets and €50,000 in cash. Meanwhile, police arrested one suspect in Belgium and another in Athens.
Authorities said the network had operated since at least 2021. One head office directed branches in several countries. Each branch had teams focused on a specific target market.
Police linked about 550 complaints in the Netherlands and another 200 in Belgium to the group. They also believe the number of victims worldwide reaches into the tens of thousands. Dutch victims alone lost nearly €25 million, and most lost more than €10,000 each.
How the Network Ran the Scam
Henrique van Huisstede of the Midden-Nederland police told RTL that the group accounted for a large share of investment fraud in the Netherlands. Police did not name the main suspect. However, they described him as a well-known hacker who was “no stranger to the cyber world.”
Police said the group used false names and technical methods to hide identities and locations. So-called advisers often spent weeks or months building trust by phone. They then pushed victims toward what looked like a professional trading platform.
Initial deposits were small and seemed to show quick gains. However, police said the dashboards were fake and no money was invested. As trust grew, victims sent larger sums, often in cryptocurrency, and the funds went to the operators.
Police also warned about a second scam. In some cases, victims later hear from supposed recovery firms that ask for an upfront fee to recover lost money. Investigators said those firms can belong to the same criminal group.
Dutch prosecutors said the financial probe is still under way, including efforts to trace and freeze assets. They also said more arrests may follow.
You can access our other news about Crypto and global market developments here.
Source: Finance Magnates
