Police Dismantle Investment Fraud Network That Allegedly Stole €100 Million a Month

Dutch police have arrested several suspects linked to a large international investment fraud network believed to have generated more than €100 million (US$117 million) per month while targeting victims across multiple countries.

The investigation centres on a 46-year-old Polish-Israeli national, arrested in Poland in May at the request of Dutch authorities. Investigators describe him as a key figure behind a criminal organisation operating since at least 2021, with around 700 members working from approximately 20 call centres worldwide. The group allegedly posed as financial advisers and account managers to persuade victims to invest through fake online trading platforms.

Further arrests followed this month, including two Dutch nationals and one Belgian in Cyprus, another suspect in Belgium, and a Dutch suspect in Greece. Authorities said additional arrests remain possible.

According to investigators, the fraud relied on long-term manipulation rather than immediate theft. Victims were contacted by phone or online, sometimes for months, to build trust before making an initial investment. The first deposit was typically small and accompanied by apparent profits displayed on a sophisticated fake trading platform. Believing the returns were genuine, victims continued investing larger amounts, often in cryptocurrency, although no real trading ever took place.

Dutch police have linked around 550 reports to the organisation, with victims in the Netherlands alone losing nearly €25 million. Belgian authorities have received another 200 complaints, while investigators estimate the syndicate has defrauded tens of thousands of victims worldwide.

The investigation combined financial analysis, IP address tracing and digital forensics to identify suspects, locate call centres and dismantle parts of the group's online infrastructure with assistance from Europol and international law enforcement partners. Financial investigations are continuing to identify assets that can be frozen or confiscated.