Polish police have arrested 11 people on suspicion of running a forex scam, deceiving investors in Poland and other EU countries.
According to Polish police sources, the group is responsible for the theft of at least 520 thousand dollars in Poland alone, part of which was recovered during the police raid. The arrested persons were working with other fraudsters residing in Cyprus, and they are said to be from the top management of the organization, not just the call center employees.
According to sources, at least 30 people involved in the scams are still at large, but it is unclear whether they are in Poland or Cyprus.
Police confiscated computers, documents, and other data related to the crime. Scammers used the old tactic of contacting people who offered investments with unrealistic returns. The initial deposits required were relatively small, but then at later stages, victims are forced to deposit much larger amounts.
Last February, a successful investigation by authorities in Germany, Austria, Bulgaria and the Czech Republic led to the arrest of several people involved in online frauds that stole more than 100 million euros from retail investors across Europe in 2018 alone.