Police in the Netherlands have detained the alleged leader of an international investment fraud network that operated like a large corporation with more than 700 employees working in approximately 20 offices across multiple countries. The organization is believed to have stolen over 100 million euros per month by posing as financial consultants and convincing victims to transfer funds to fake trading platforms.
The main suspect, a 46-year-old dual Israeli-Polish citizen, was arrested on May 26 at a Polish airport while arriving from Dubai. He was extradited to the Netherlands and remanded in custody for at least 14 days. Authorities describe him as a key figure responsible for the technical infrastructure of the scam and note that he was previously known as a hacker targeted for breaching foreign government systems.
The fraudulent network functioned as a structured company since at least 2021, with one central division overseeing multiple offices. Separate teams focused on specific countries to identify and contact potential victims by phone and online. Employees used the titles of financial consultants and account managers, initially encouraging small investments that appeared profitable on rigged platforms before pressuring victims to deposit much larger amounts, often in cryptocurrency.
In the Netherlands, police have linked the scheme to around 550 complaints involving nearly 25 million euros in losses, with most victims losing more than 10,000 euros. Belgium has recorded approximately 200 additional reports. The total number of victims worldwide is estimated in the tens of thousands. Some victims described devastating personal impacts, including one man who could no longer afford food for his family and another who began contemplating suicide after losing all savings.
Further arrests took place in July. Two Dutch nationals aged 45 and 34, along with a 34-year-old Belgian citizen, were detained in Cyprus. A 25-year-old suspect was arrested in Belgium, and a 44-year-old Dutch national was taken into custody in Athens. Belgian authorities had previously detained five additional employees of the scam centers.
Investigators used financial records, IP addresses, and seized equipment to locate offices and identify suspects. Technology companies hosting the network’s infrastructure assisted in disabling key components, while Europol shared intelligence with multiple countries. Police continue to search for assets that can be frozen or confiscated and warn that victims may face secondary scams from fake “recovery” companies promising to return funds in exchange for upfront payments.
