European Union Agency for Law Enforcement Cooperation, better known as Europol together with law enforcement agencies in Spain had a breakthrough in an investigation of a company based out of Andorra that claimed to provide crypto and forex investment training.
Local police and Europol alleged that the company was instead operating a fraud that apparently “defrauded thousands of clients.” The investigation that involved house searches led to the seizure of €70 000 (about $84,876) in fiat money and cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), OmiseGo (OMG).
The authorities’ plans with regard to the seized assets remain uncertain at press time.
Europol press release stated that the government agency supported the mobilizing of experts from the European Financial and Economic Crime Centre (EFECC) as well as European Cyber Crime Centre (EC3). According to Europol’s statement in the release, the organization alleged:
Located in Andorra, the company specialized in the training of investment in cryptocurrencies and other assets, and is thought to have also carried out trading activities.
The scam is believed to have an international scope. As a result of the operation that was carried out in January, law enforcement agents were able to arrest six suspects aged between 20 and 34 years. Eight vehicles and several electronic devices were also seized during the investigation.
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