Nine people suspected of money laundering have been arrested during a synchronized operation that took place in three countries at the same time. The suspects set up a cryptocurrency money laundering network that scammed victims out of more than €600 million.

Eurojust, the EU’s judicial cooperation hub, ensured that French, Belgian, Cypriot, German, and Spanish authorities worked together to take down the network operating the crypto scam.

A multinational coordinated operation, carried out between 27 and 29 October, targeted a network that created dozens of fake cryptocurrency investment platforms resembling legitimate websites and promising high returns. But in reality, the operators simply took the money and laundered it, according to the European Union Agency for Criminal Justice Cooperation (Eurojust).

During the searches, authorities seized €800,000 in bank accounts, €415,000 in cryptocurrencies, and €300,000 in cash. The total amount laundered is estimated at around €600 million.

Previous operations and ongoing investigations

Investigations began after authorities received several complaints from victims. Eurojust facilitated swift and efficient cooperation by setting up a joint investigation team between French and Belgian authorities.

Authorities from other EU countries were also involved—specifically prosecutors and judges from Cyprus, Spain, and Germany. Nine suspects were arrested at their homes in these countries on suspicion of laundering money obtained through fraudulent activities.

This was not the first major action led by Eurojust this year. A similar operation was coordinated in September at the request of Spanish and Portuguese authorities. During that action day, five suspects were arrested, including the alleged main perpetrator behind the scam. Through an online investment platform, he defrauded more than a hundred victims in Germany, France, Italy, and Spain of at least €100 million.

During the joint action day, five locations were searched in both Spain and Portugal, as well as in Italy, Romania, and Bulgaria, where bank accounts and other financial assets were frozen. The alleged main perpetrator is suspected of large-scale fraud and money laundering.

According to Eurojust, the fraud had been running for several years, with the main suspect offering high returns on investments in various cryptocurrencies via professionally designed online platforms.

Large parts of these investments were diverted mainly to bank accounts in Lithuania to launder the proceeds. Once victims tried to recover their funds, they were asked to pay additional fees—after which the fraudulent websites disappeared, leaving many victims with little or nothing.

Sources:

https://www.eurojust.europa.eu/news/decisive-actions-against-cryptocurrency-scammers-earning-over-eur-600-million

https://therecord.media/9-arrested-europe-crypto-platform-takedown

https://www.helpnetsecurity.com/2025/11/04/europe-crypto-scam-arrests/

https://www.eurojust.europa.eu/news/eurojust-coordinates-action-halt-cryptocurrency-fraud-over-100-million-euros-across-europe