Ukrainian authorities, working with Eurojust and law enforcement agencies from Latvia and Lithuania, have dismantled a network of fraudulent crypto investment call centers in Dnipro that allegedly defrauded EU citizens twice, first posing as investment advisors, then returning as fake recovery lawyers to steal again. Eleven suspects are now in custody following a sweeping operation that seized UAH 21 million in cash, luxury vehicles, and dozens of devices.
According to Prosecutor General , the suspects, all local residents allegedly orchestrated a sophisticated crypto investment scam that targeted citizens of European Union member states. The investigation identified at least nine confirmed victims from Latvia and Lithuania, with reported losses exceeding UAH 8 million.
In Dnipro, fraudsters profited from deceiving EU citizens with crypto through call centers; elite cars and millions in foreign currency were found – Prosecutor General
An international investigative team, as part of a large-scale special operation, uncovered a network of fraudulent call centers in Dnipro, where EU citizens were defrauded through “crypto-investing.” Law enforcement officers conducted over 30 searches, seizing luxury cars and millions in various currencies. 11 suspects were detained, Prosecutor General Ruslan Kravchenko announced on social media on Monday, according to UNN.
The large-scale operation, code-named “VENI, VIDI, VICI,” involved more than 30 coordinated searches across Dnipro. Authorities seized computer servers, cryptocurrency wallets, and high-end vehicles believed to have been purchased with illicit proceeds from the crypto investment scam.
“Modern crimes know no borders, but our response to them is also becoming global. The digital footprint inevitably leads to accountability. We continue to work,” — Ruslan Kravchenko, Prosecutor General of Ukraine.
How the crypto investment scam operated
Investigators say the crypto investment scam relied on a two-stage deception strategy designed to exploit victims multiple times.
“The first stage was ‘pseudo-investment,’” Kravchenko explained.
“Operators called citizens of EU countries and offered ‘profitable investments’ in cryptocurrency, using popular platforms. Through remote access to the victims’ gadgets, they helped them open crypto wallets, created the illusion of profit growth in fictitious applications, and sometimes even returned small amounts to convince them to invest more. As soon as a person tried to withdraw all funds, the connection was cut off,” Ruslan Kravchenko, Prosecutor General of Ukraine.
Authorities said the fraudsters used manipulated applications to simulate trading gains, persuading victims to increase their deposits. Once larger sums were transferred, communication ceased.
The second phase of the crypto investment scam allegedly involved re-targeting the same victims under the guise of asset recovery services.
“‘The second stage is asset recovery,’” Kravchenko stated.
“The same victims were offered ‘legal assistance’ via messengers to recover what they had lost. Using fictitious names, they sent generated documents and videos and extorted money again under the guise of ‘commissions’ or ‘insurance premiums.’ The money received was converted into cryptocurrency, withdrawn through a network of controlled individuals, and distributed among the participants,” — Ruslan Kravchenko, Prosecutor General of Ukraine.
This layered approach allowed organizers of the crypto investment scam to extract additional funds from individuals already financially harmed.
Seizures, arrests, and criminal charges
During the searches, investigators confiscated 41 mobile phones, 46 laptops, four tablets, server equipment, electronic storage devices, and documentation tied to the alleged crypto investment scam. Authorities also seized cryptocurrency wallets, bank cards, traumatic weapons, luxury vehicles, and cash in multiple currencies totaling more than UAH 21 million.
All 11 suspects were detained under Article 208 of Ukraine’s Criminal Procedure Code. Prosecutors formally notified them of suspicion on charges including large-scale fraud, money laundering, creation and leadership of a criminal organization, and participation in it under relevant provisions of the Criminal Code of Ukraine.
“Currently, 10 suspects have been remanded in custody without the right to bail, and one, due to health reasons, has been placed under round-the-clock house arrest,” — Ruslan Kravchenko, Prosecutor General of Ukraine.
The investigation remains ongoing, with authorities reviewing seized digital evidence to determine whether additional victims were affected by the crypto investment scam and whether further suspects may be implicated.
The dismantling of the Dnipro-based crypto investment scam underscores the growing scale of international cooperation in combating financial cybercrime. The joint investigative group was coordinated by and involved collaboration with law enforcement authorities in as well as agencies in and .
Officials emphasized that digital fraud schemes, including this crypto investment scam, increasingly operate across borders, making coordinated international responses essential.
Authorities continue forensic analysis of confiscated equipment to identify the full financial scope of the operation. Prosecutors say additional episodes linked to the crypto investment scam may surface as electronic data is processed.
The case highlights the persistent risks facing retail investors approached through unsolicited calls or online messaging platforms promising high cryptocurrency returns — a model investigators say remains central to many evolving fraud schemes across Europe.
