Cyprus took part in an international operation against an investment fraud network that allegedly had potential victims in more than 50 countries, according to a Europol announcement published on Tuesday. Europol says the company at the centre of the case allegedly ran a crime-as-a-service model from Cyprus and Israel, supplying deceptive online trading websites to criminal groups.
Countries and agencies involved
Authorities from Albania, Finland, Germany, Kosovo and North Macedonia also took part in the operation, with the support of Europol and Eurojust.
The operation was led by the Public Prosecutor’s Office in Itzehoe, Germany. It targeted a company that allegedly provided deceptive online trading websites to criminal groups.
Servers seized and seven arrests
During the coordinated operation on 3 November 2026, more than 100 servers were seized and seven suspects were arrested with a view to their extradition to Germany.
According to Europol, the company was linked to call centre operators who allegedly persuaded victims to invest their savings. Investigators estimate that total losses exceed €4 million.
The authorities carried out searches at 17 locations and seized servers, other evidence and assets.
Infrastructure allegedly operated from Cyprus and Israel
Europol said the latest operation followed a four-year investigation and earlier actions in 2022 and 2025.
Evidence gathered during the earlier operations led investigators to a company that allegedly operated a crime-as-a-service model from Cyprus and Israel.
Investigators also identified alleged clients of the company that were running illegal call centres in Albania, Kosovo and North Macedonia.
From online adverts to repeated demands for money
The scheme promised high and fast returns through trading in cryptocurrencies, foreign currencies or shares.
Behind websites that appeared to be legitimate investment platforms, so-called brokers showed fictitious profits and put victims under constant psychological pressure to persuade them to invest more money.
According to Europol, the investigation also revealed misuse of affiliate marketing to attract potential victims. Misleading adverts directed users to investment fraud platforms.
The personal data collected through this process was then allegedly sold to criminal groups running call centres.
Call centre agents then contacted potential victims and presented them with supposed investment opportunities, turning initial interest into repeated demands for money transfers.
Fictitious profits to encourage larger deposits
According to Europol, victims were first asked to transfer a small amount of money. Fictitious profits then appeared in their online accounts, making the platform look trustworthy and the investment successful.
The so-called brokers used these displayed profits to pressure victims into transferring increasingly larger sums.
When victims asked to withdraw their money, the operators used delaying tactics to block payments. Eventually, contact was cut off and victims were unable to recover their money.
Complaint by German couple triggered the investigation
The investigation began in 2022, when a couple in Germany reported that they could not withdraw money they had invested through an online trading platform.
The first international operation that year led to two arrests and the seizure of evidence. Analysis carried out with Europol’s support helped identify seven further suspects, including alleged call centre operators.
A second operation in 2025 led to further arrests and seizures of money and evidence. Examination of the material recovered led to the identification of the alleged infrastructure provider and its links to the call centre operators.
Role of Europol and Eurojust
Europol said it provided analytical and operational support to the investigation. On the day of the operation, it deployed experts to Albania and Kosovo to support digital forensic work and run immediate cross-checks against its databases.
Eurojust supported, among other things, the execution of European Investigation Orders, European Arrest Warrants and asset freezing orders. The judicial actions of 3 November were coordinated from its headquarters in The Hague.
