Greek Police Arrest 17 in $8M Crypto Fraud Scheme

Greek police announced the arrest of 17 individuals suspected of running a cryptocurrency investment scheme that allegedly amassed more than $8 million from at least 10,000 participants. The operation, described as a pyramid scheme, promised to double investors’ money within 50 days without holding the required financial authorisation. Nine of those detained were identified as military personnel, including two non‑commissioned officers, according to the state broadcaster ERT.

Investigation Details

The Hellenic Police’s statement, dated Oct. 2, said investigators in Katerini uncovered a network that used company structures and an online platform to present crypto investments as legitimate. Searches of five offices, nine homes and additional premises resulted in the seizure of €295,090 in cash, 32 mobile phones, 28 computers, 15 tablets, 38 USB devices, 16 storage drives, bank cards and a money‑counting machine.

Victims and Scope

Authorities identified 18 victims who had deposited a combined €55,970. Police estimate that the platform attracted at least 10,000 users across Katerini, Thessaloniki, Larissa, Patras and an island in the Dodecanese. The suspects appeared before the Katerini prosecutor, who referred the case to an investigating judge.

Key facts

• 17 suspects arrested, including nine military members.
• Platform promised to double capital in 50 days.
• Seized assets total €295,090 and extensive electronic equipment.
• At least 10,000 investors targeted; 18 victims identified with €55,970 deposited.
• Case linked to offices in multiple Greek cities and a Dodecanese island.