Fraud of 113 million euros: raid also in Austria

This was announced by the Thuringian State Criminal Police Office and the local public prosecutor’s office in Erfurt on Wednesday. On Tuesday, investigators carried out large-scale raids in Germany, Austria, Switzerland and the Czech Republic. In the course of these raids, six suspects were arrested, among others.

When asked, the Austrian Federal Criminal Police Office explained that only a house search had taken place in Austria. No arrests had been made by the domestic police, it was stressed. It was not yet clear on Wednesday afternoon in which federal state the raid had taken place. No further details were available.

“200 percent return in three years”

According to the public prosecutor’s office and the State Criminal Police Office in Erfurt, the group is said to have defrauded private investors in Germany, Switzerland, Austria and Spain. On the Internet and through direct sales employees, they offered alleged investment products related to cryptocurrencies. According to investigators, they advertised these, among other things, “with a return of 200 percent in three years that was actually not achievable.”

However, according to the current status of the investigation, the victims’ money was not invested, but used by the suspects for their own purposes. The investigation has been ongoing for about a year and was triggered by a tip-off from the German Federal Financial Supervisory Authority (Bafin). “According to the current status of the investigation, the total damage is estimated at 113 million euros,” the authorities said in Erfurt on Wednesday.

Six suspects arrested

Searches were reportedly carried out in Germany, Austria, Liechtenstein, Switzerland, Lithuania and the Czech Republic. Assets were also confiscated. In addition, according to investigators, six suspects were arrested on the basis of arrest warrants that had already been applied for. The public prosecutor’s office and the police did not disclose where the accused were caught. Further details – such as the number of victims – were also not given.

The measures were led by investigators from Thuringia together with the public prosecutor’s office of the Swiss canton of Zurich. The European police and judicial authorities Europol and Eurojust were also involved. According to the authorities, Bafin supported the investigations into the suspected criminal network “by providing extensive assistance”. The accused are being investigated for commercial and gang-related fraud.