Latvian and Ukrainian law enforcement holds a group of fraudsters who have scammed at least one third of one million euros / day in false investments

Currently, 19 injured persons have been identified. Involving false investment, members of this group have scams to the people of Latvia at least 340,000 euros, but the total losses may be greater and are still deliberately intentional, as the criminal group has been operating for a long time.

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Initially, the Cybercrime Agency has begun a case of large investment fraud – fraudsters have gained money by pretending to be an investment « experts » and promising significant profits.

In order to gain the confidence of the population, the call center operators used social engineering methods, claimed that they had extensive investment experience and convinced the victims to install remote access software on their devices. The criminals lied that it was necessary to help the people called successfully invest in the money. The callers had a database of persons.

In order to legalize unlawful financial resources, members of the organized criminal group in Ukraine were registered as sole proprietors and masquerade as a programming service providers.

The investigation of the Latvian law enforcement agencies and the Cybercrime Agency for the Cybercrime Agency has obtained evidence and tracked the movement of criminal funds from the virtual wallets of the victims to the final recipients, the VP notes.

The law enforcement agencies of both countries carried out more than 30 searches in different regions of Ukraine, checking suspects, jobs and vehicles. Computer hardware, servers, cryptocurrency wallets, mobile phones, documents, bank cards, media, as well as luxury cars purchased for fraudulent funds were removed. The Court has arrested for several persons.

Four persons, including the organizer of the group, have been charged with the Ukrainian criminal codie for fraud. For such a crime, under the Criminal Code of Ukraine, up to 12 years’ imprisonment is foreseen. The court has applied various security measures to detainees – some persons arrested, while others have a home arrest.

Pre -trial investigation in criminal proceedings is currently ongoing. Other persons who may be related to this criminal activity are also explained. During the investigation, additional legal qualifications will be determined in the criminal proceedings, the VP notes.

The lawyers of both countries have cooperated with the support of Eurojust and Europol, with the participation of the Latvian Prosecutor’s Office.